COMMODITY
Crude oil futures end higher on Tuesday
Apr-24-2024

Crude oil futures ended higher on Tuesday after preliminary data showing a slowdown in U.S. manufacturing activity in the month of April raised hopes the Federal Reserve will start cutting interest rates soon. The S&P Global US Composite PMI declined to 50.9 in April from 52.1 in the previous month, signaling only a slight expansion in the country's private sector, which was the softest since December, a preliminary estimate showed. The weak data and renewed hopes of an early rate cut weighed on U.S. dollar. The dollar index dropped to 105.61, losing nearly 0.5%.

Benchmark crude oil futures for June delivery surged $1.46 or 1.78% to settle at $83.36 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $1.42 or 1.63% to $88.42 per barrel on London's Intercontinental Exchange. 

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