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Crude oil futures end higher on supply concerns

13 Sep 2022 Evaluate

Crude oil futures ended higher with rally over one percent on Monday on rising speculation about the impact of Ukraine's offensive around Kharkiv on supply of Russian oil. Further, uncertainty about revival of the Iranian nuclear deal also raised concerns over Iranian crude coming into the world oil market. Besides, traders also reacted to the data from the US Department of Energy that showed US emergency oil stocks fell 8.4 million barrels to 434.1 million barrels in the week ended September 9, its lowest since October 1984.

Benchmark crude oil futures for October delivery rose $0.99 or about 1.1 percent to settle at $87.78 a barrel on the New York Mercantile Exchange. Brent crude for November delivery surged $1.12 or about 1.21 percent to settle at $93.96 (Provisional) a barrel on London's Intercontinental Exchange.