Monday, 22 April 2019

Crude oil futures end higher on Thursday

Crude oil futures ended higher on Thursday with marginal gains for the truncated week, as traders weighing near term crude supply and demand prospects. Oil prices took some support with tighter supply due to US sanctions on Iran and Venezuela, the drop in oil rigs count, the decline in US crude stockpiles - the first in four weeks - and a report showing crude oil exports from Saudi Arabia declined by 277,000 barrels a day to below 7 million barrels per day in February.

A report showing a fall in shipments from Saudi Arabia also added support. Meanwhile, oil trading in the US and UK was closed for Good Friday.

Benchmark crude oil futures for May surged 24 cents or 0.4 percent to settle at $64 a barrel on the New York Mercantile Exchange. June Brent crude gained 35 cents or 0.5 percent to settle at $71.97 a barrel on London's Intercontinental Exchange.

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