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Crude oil futures end higher on Friday

21 May 2022 Evaluate

Crude oil futures ended higher on Friday amid by the proposed ban on Russian oil by the EU and the relaxation of Covid lockdowns in China. Strong consumption and stockpiles data from the U.S. Energy Information Administration also added to gains in oil prices, while worries about a global economic slowdown capped oil's upside. The European Union expects to clinch a deal with member states to effect a ban of Russian crude imports.

Benchmark crude oil futures for June delivery rose $0.39 or about 0.4% percent to settle at $110.28 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged $0.58 or 0.51 percent to settle at $112.62 a barrel on London's Intercontinental Exchange.