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Crude oil futures end higher on Monday

14 May 2024 Evaluate

Crude oil futures ended higher on Monday as the dollar drifted lower ahead of key U.S. inflation data and Fed Chair Jerome Powell's speech due this week. Meanwhile, traders looked ahead to an OPEC+ meeting on supply policy, with Iraq giving out mixed messages about its stance. Besides In the Middle East, the U.S. escalated its concern over Israel's conduct of its Gaza offensive, warning the Jewish state risks fueling a Hamas insurgency.

Benchmark crude oil futures for June delivery rose $0.92 or about 1.17% to settle at $79.12 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.57 or 0.68% to $83.36 per barrel on London's Intercontinental Exchange.