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Crude oil futures end higher on Thursday

17 May 2024 Evaluate

Crude oil futures ended higher on Thursday amid concerns about possible supply disruptions due to the tensions in the Middle East. Oil prices advanced, continuing to benefit from recent data showing a larger than expected decline in crude inventories in the U.S. last week. Hopes of an interest rate cut in September contributed as well to the rise in oil prices.

Benchmark crude oil futures for June delivery rose $0.60 or about 0.76% to settle at $79.23 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.52 or 0.62% to $83.27 per barrel on London's Intercontinental Exchange.