COMMODITY
Crude oil futures end sharply higher on Monday
Mar-26-2024

Crude oil futures ended sharply higher on Monday amid concerns about supply disruptions after Ukraine continued to attack Russian refineries, and Moscow's directive to cut outputs to be in line with OPEC+ targets. Further, a weak dollar amid expectations of interest rate cuts by central banks contributed as well to the rise in oil prices. Besides, Israel's war on Hamas and Yemen's Houthi militants attack in the Red Sea route also continue to cause concerns about global oil supplies.

Benchmark crude oil futures for May delivery surged $1.32 or about 1.64% to settle at $81.95 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose by $1.32 or about 1.55% to $86.75 per barrel on London's Intercontinental Exchange. 


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