Magnifying their previous session’s gains, Crude oil futures ended higher on Thursday with the recent data showing a drop in stockpiles continuing to support oil prices. Saudi Arabia's decision to cut its output by additional 1 million barrels per day in February and March too continued to contribute to oil's uptick. However, upside remained capped on worries about outlook for energy demand due to continued to spikes in coronavirus cases in several countries and tighter restrictions on movements limited oil's gains.
Crude oil futures for February rose 20 cents or 0.4 percent to settle at $50.83 a barrel on the New York Mercantile Exchange. March Brent crude gained 8 cents or 0.2 percent to settle at $54.38 a barrel on London's Intercontinental Exchange.