COMMODITY
Crude oil futures end marginally higher on Friday
Jan-18-2020

Crude oil futures failed to hold early gains and ended marginally higher on Friday as traders continued to weigh the prospects for energy demand in the wake of the China-US trade deal and Senate approval of the US-Mexico-Canada trade pact this week. While data showing that Chinese economy recorded its slowest expansion in almost thirty years, growing just 6.1% in the year 2019, raised concerns about the outlook for energy demand, the signing of the trade deal and buoyant economic data from the US helped ease these concerns. Meanwhile, according to a report released by Baker Hughes, the number of active US oil rigs increased by 14 to 673 this week. Oil rig count had declined in the previous three weeks.

Crude oil futures for February inched up 2 cents or 0.03 percent to settle at $58.54 a barrel on the New York Mercantile Exchange. March Brent rose 23 cents or 0.4 percent to settle at $64.85 a barrel on London's Intercontinental Exchange.

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