Crude oil futures ended higher on Thursday on hopes big stimulus from the Biden administration and the Covid vaccination drive will help lift energy demand. The recent data showing a drop in US crude inventories and Saudi Arabia's decision to cut crude output by 1 million barrels per day in February and March also contributed to oil's advance. A weak dollar also supported crude prices.
Crude oil futures for February rose $0.66 or 1.3 percent to settle at $53.57 a barrel on the New York Mercantile Exchange. March Brent crude gained $0.25 or 0.4 percent to settle at $56.31 a barrel on London's Intercontinental Exchange.