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Crude oil futures end higher on Monday

10 Jan 2023 Evaluate

Crude oil futures ended higher on Monday on hopes of increased demand for oil from China after the nation's government decided to reopen the economy. China reportedly opened its borders over the weekend for the first time in three years as part of its new policy on COVID-19. Also, Chinese policymakers have pledged to increase support for the world's second-largest economy, adding to investor optimism about demand recovery in the world's top crude importer. Further, a weak dollar contributed as well to the uptick in oil prices.

Benchmark crude oil futures for February delivery rose $0.86 or 1.2 percent at $74.63 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.21 or 1.5 percent at $79.78 a barrel (provisional) on London's Intercontinental Exchange.

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