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Crude oil futures settle higher on Tuesday

11 Dec 2024 Evaluate

Crude oil futures ended higher on Tuesday amid hopes demand from China will increase thanks to the recent stimulus announcement by the Chinese government. Oil prices were also supported by slightly easing concerns about the situation in Syria, where the rebels are reportedly working to form a government and restore order in the country. However, the Energy Information Administration (EIA) lowered its forecast for 2025 Brent oil prices as it continues to see oil production rising above demand next year.

Benchmark crude oil futures for January delivery rose $0.22 or about 0.32 percent to settle at $68.59 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.05 or 0.07 percent to settle at $72.19 a barrel on London's Intercontinental Exchange.


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