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Crude oil futures end higher on Thursday

28 Apr 2023 Evaluate

Crude oil futures ended higher on Thursday after Russian Deputy Prime Minister Alexander Novak said global oil markets were balanced. Novak said OPEC+ does not see the need for further oil output cuts but is always able to adjust its policy. Russia is part of the OPEC+ group of oil-producers that this month announced a combined reduction of around 1.16 million barrels per day, a surprise decision the U.S. described as unwise and which sent oil prices higher.

Benchmark crude oil futures for June delivery gained $0.46 or 0.6 percent to settle at $74.76 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $0.68 or 0.88 percent to settle at $78.37 a barrel on London's Intercontinental Exchange.