Crude oil futures ended higher on Thursday on optimism for strong economic demand after new US unemployment claims fell to their lowest since the country’s first wave of COVID-19 last year. The number of Americans filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months, while consumer prices increased solidly in May as the pandemic’s grip on the economy continues to ease. Meanwhile, the Organization of the Petroleum Exporting Countries said oil demand would rise by 6.6%, or 5.95 million barrels per day (bpd), this year. The monthly forecast was unchanged for a second consecutive month.
Crude oil futures for July rose $0.33 or 0.5 percent to settle at $70.29 barrel on the New York Mercantile Exchange. August Brent crude gained $0.25 or 0.35 percent to settle at $72.47 a barrel on London's Intercontinental Exchange.