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Crude oil futures end higher on concerns about possible supply disruptions

28 Jun 2024 Evaluate

Crude oil futures ended higher on Thursday amid hopes about the outlook for demand, and on concerns about possible supply disruptions due to tensions in the Middle East. According to reports, Israeli forces intensified attacks in Gaza, with heavy fighting reported in Rafah. The attacks in Gaza reportedly killed 60 people and injured 140 in the last 24 hours.  Meanwhile, traders were also reacting to data from S&P Global Commodity Insights that suggested Indian refiners continued their purchase momentum for crude oil from its two largest trading blocs, Russia and Middle East, for the second consecutive month in June.

Benchmark U.S. crude oil futures for August delivery surged $0.84 or about 1.03% to $81.74 per barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $1.14 or 1.33% to $86.39 per barrel on London's Intercontinental Exchange.