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Crude oil futures end flat on Monday

24 Jan 2023 Evaluate

Crude oil futures failed to hold early gains and ended roughly flat on Monday amid concerns about the outlook for oil demand due to a potential U.S. recession. Further, oil prices fall as investors cashed in on a jump to a seven-week high on optimism about a possible recovery in demand of top oil importer China as the economy recovers this year from pandemic lockdowns. Meanwhile, the G7 has agreed to delay a review of the level of the price cap on Russian oil to March, a month later than originally planned, to provide time to assess the impact of the oil products price cap.

Benchmark crude oil futures for March delivery down 2 cents at $81.62 a barrel on the New York Mercantile Exchange. However, Brent crude for March delivery gained 48 cents or 0.55 percent at $88.11 a barrel on London's Intercontinental Exchange.

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