COMMODITY
Crude oil futures settle higher on weaker dollar
Jan-31-2025

Crude oil futures ended higher on Thursday on account of weaker dollar. Further, oil prices were supported by reports of lower supplies from Russia's Baltic Sea port of Ust-Luga due to damage from Ukrainian drone strikes. Besides, traders were cautious amid a potential tariff on Canadian and Mexican goods from February 1. However, Recent data from the Energy Information Administration (EIA) showing an increase in inventories in the U.S. last week limited oil's upside. Meanwhile, traders looked ahead to a ministerial meeting by the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+, scheduled for February 3.

Benchmark crude oil futures for March rose $0.11 or 0.15 percent to settle at $72.73 a barrel on the New York Mercantile Exchange. Brent crude for March delivery added $0.29 or 0.38 percent to settle at $76.87 a barrel on London's Intercontinental Exchange.


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