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Crude oil futures end sharply higher on Tuesday

19 Jul 2023 Evaluate

Crude oil futures ended sharply higher on Tuesday, amid fall in the dollar after data showed a drop in U.S. retail sales and a dip in industrial production in the month of June. Some support came in on expectations of an end to the Fed's rate hikes. Resumption of supplies from Libya as well as hopes of stimulus from China also supported the rebound. Traders are eyeing weekly oil reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA).

Benchmark crude oil futures for August delivery rose $1.60 or about 2.2 percent to settle at $75.75 a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained $1.06 or about 1.35 percent to settle at $79.56 a barrel on London's Intercontinental Exchange.