COMMODITY
Crude oil futures end higher on Tuesday
Oct-04-2023

Crude oil futures ended higher on Tuesday on hopes the Organization of the Petroleum Exporting Countries (OPEC) and allies, jointly known as OPEC+ will not change their policy at the committee's meeting on Wednesday. Further, comments from senior Federal Reserve policy maker Raphael Bostic that the central bank was in no rush to pile rate hikes to get inflation back under control, and that there might even be a rate cut by the end of next year, supported oil prices. However, oil prices drifted lower earlier in the day on global economic fears, the dollar's surge and rising bond yields.

Benchmark crude oil futures for November delivery rose $0.41 or about 0.5 percent to settle at $89.23 a barrel on the New York Mercantile Exchange. Brent crude for December delivery gained $0.21 or about 0.2 percent to settle at $90.92 a barrel on London's Intercontinental Exchange.


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