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Crude oil futures end marginally higher on Monday

24 May 2022 Evaluate

Crude oil futures ended marginally higher on Monday on hopes of increased demand from China as Shanghai lifted some of its restrictions after a two-month lockdown. Further, a weaker dollar too aided oil's uptick. Meanwhile, the US Administration is considering the potential release of diesel from a rarely used emergency stockpile as President Biden scrambles to tame soaring fuel prices amid low inventory levels ahead of the summer driving season.

Benchmark crude oil futures for July delivery added 1 cent or 0.01% percent to settle at $110.29 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged 87 cents or 0.7 percent to settle at $113.42 a barrel on London's Intercontinental Exchange.