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Crude oil futures end higher on bargain hunting

23 Aug 2024 Evaluate

Crude oil futures ended higher on Thursday, regaining ground following the sell-off seen over the past several sessions. The price of crude oil benefitted from bargain hunting following the recent weakness as well as optimism that interest rate cuts in the U.S. and Europe could lead to a boost in demand. Besides, buying interest also generated in reaction to yesterday's report showing a sharp pullback by U.S. crude oil inventories in the week ended August 16th.

Benchmark U.S. crude oil futures for October delivery rose $1.08 or about 1.50% to $73.01 per barrel on the New York Mercantile Exchange. Brent crude for October delivery surged $1.17 or about 1.53% to $77.22 per barrel on London's Intercontinental Exchange.