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Crude oil futures end sharply higher on Tuesday

03 Apr 2024 Evaluate

Crude oil futures ended sharply higher on Tuesday amid rising demand, and concerns about supply due to escalating geopolitical tensions. Tighter supply from Mexico also supported oil prices. According to a private report, Petroleos Mexicanos is cutting some oil exports over the next few months. Besides, recent encouraging manufacturing activity data from the U.S. and China signal a potential surge in oil demand from the two largest oil-consuming nations in the world.

Benchmark crude oil futures for May delivery rose $1.44 or about 1.72% to settle at $85.15 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $1.53 or 1.75% to $88.94 per barrel on London's Intercontinental Exchange.