Crude oil futures ended marginally higher on Thursday on report about production in Libya seeing a significant drop. Libya's oil production fell to about 1 million barrels per day in recent days and there is likelihood of further decline due to budgetary issues. However, worries about the energy demand outlook following a massive surge in new coronavirus cases in India weighed on oil prices. Meanwhile, Japan has also been witnessing a surge in new cases of infections, and according to private report, officials are looking at a state of emergency for Osaka and Tokyo to curb the spread.
Crude oil futures for June rose $0.08 or 0.1 percent to settle at $61.43 barrel on the New York Mercantile Exchange. June Brent crude gained $0.13 or 0.12 percent to settle at $65.40 a barrel on London's Intercontinental Exchange.