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Crude oil futures settle sharply higher on concerns about supply disruptions

14 Dec 2022 Evaluate

Crude oil futures ended higher on Tuesday, magnifying their previous session’s rally, on account of concerns about supply disruptions amid the ongoing shutdown of the Keystone pipeline following a massive leak last week. Further, a weak dollar also supported oil prices. Besides, the Chinese government's decision to loosen some Covid-related restrictions helped ease concerns about demand for energy. According to reports, China has withdrawn a state-mandated app used to track whether people had travelled to Covid-stricken areas.

Benchmark crude oil futures for January delivery surged $2.22 or 3 percent at $75.39 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose $2.76 or 3.54 percent to settle at $80.75 (Provisional) a barrel on London's Intercontinental Exchange.

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