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Crude oil futures end lower on Monday

21 May 2024 Evaluate

Crude oil futures ended lower on Monday despite geopolitical tensions and the death of Iran's President and Foreign Minister in a helicopter crash. Oil prices were weighed down by concerns the Federal Reserve will likely keep interest rates higher for a longer time. A couple of Fed officials said recently that they are not yet ready to say inflation trends are again moving sustainably back to the central bank's 2% target, despite last week's data showing signs that consumer price pressures are easing.

Benchmark crude oil futures for June delivery fell $0.26 or more than 0.32% to settle at $79.8 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $0.27 or 0.32% to $83.71 per barrel on London's Intercontinental Exchange.


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