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Crude oil futures end higher on Tuesday

26 Jul 2023 Evaluate

Crude oil futures ended higher on Tuesday, extending previous session’s gains. Optimism about increased Chinese demand after policymakers pledged support to shore up growth in the world's second largest economy pushed up oil prices. Further, a somewhat subdued dollar also contributed a bit to the rise in oil prices. Meanwhile, the Federal Reserve, scheduled to announce its monetary policy on Wednesday, is widely expected to raise interest rate by 25 basis points. The European Central Bank and the Bank of Japan are scheduled to announce their interest rate decisions on Thursday and Friday, respectively.

Benchmark crude oil futures for September delivery rose $0.89 or about 1.1 percent to settle at $79.63 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $0.90 or about 1.08 percent to settle at $83.64 a barrel on London's Intercontinental Exchange.