Crude oil futures ended higher on Thursday, extending their previous sessions’ gains, on optimism about a coronavirus relief package in the US and the rollout of vaccines contributed to oil’s uptick. Recent data from the Energy Information Administration (EIA) showing a sharp drop in US crude inventories last week also supported oil prices. The Federal Reserve vowed to continue bond-buying until substantial economic progress is made in inflation and the labor market.
Crude oil futures for January gained $0.54 or 1.1 percent to settle at $48.36 a barrel on the New York Mercantile Exchange. February Brent crude rose $0.40 or 0.8 percent to settle at $51.48 a barrel on London's Intercontinental Exchange.