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Crude oil futures end higher on weaker dollar

30 Aug 2023 Evaluate

Crude oil futures ended higher on Tuesday on weaker dollar. The dollar shed ground against most of its major rivals after data showed a drop in U.S. job openings, and a decline in consumer confidence. Oil prices also rose as according to reports Hurricane Idalia is expected to rapidly intensify and make landfall in Florida on Wednesday, likely causing some production shutdowns in the oil-producing Gulf of Mexico region. Chevron has reportedly evacuated staff from three Gulf of Mexico oil production platforms ahead of the hurricane.

Benchmark crude oil futures for October delivery gained $1.06 or about 1.3 percent to settle at $81.16 a barrel on the New York Mercantile Exchange. Brent crude for October delivery surged $1.07 or 1.26 percent to settle at $85.49 a barrel on London's Intercontinental Exchange.