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Crude oil futures end lower on Monday

09 Jul 2024 Evaluate

Crude oil futures ended lower on Monday as geopolitical tensions eased a bit. According to reports, Hamas has given its initial approval of a U.S.-backed proposal to end the nine-month-old war in Gaza, helping ease tensions in the Middle East. Talks are reportedly under way and being mediated by Qatar and Egypt. However, the impact of Hurricane Beryl that has resulted in the shutting down of some oil export facilities near Houston limited the downside in oil prices a bit.

Benchmark U.S. crude oil futures for August delivery declined $0.83 or 1% to $82.33 per barrel on the New York Mercantile Exchange. Brent crude for September delivery fell $0.79 or about 0.91% to $85.75 per barrel on London's Intercontinental Exchange.