Crude oil futures ended higher on Thursday on optimism over the rollout of coronavirus vaccines offset data showing a sharp increase in U.S. crude inventories last week. After the UK, Canada has approved Pfizer's Covid vaccine. Canada expects to begin its immunization rollout as early as next week. Further, oil prices were also supported by report about an attack on an Iraqi oilfield. Private report, quoting Iraqi oil ministry, said a small oilfield in Khabbaz in northern Iraq was set on fire on Wednesday in a terrorist attack.
Crude oil futures for January rose $1.26 or 2.8 percent to settle at $46.78 a barrel on the New York Mercantile Exchange. February Brent crude surged $1.54 or 3.15 percent to settle at $50.40 a barrel on London's Intercontinental Exchange.