Crude oil futures ended higher for third straight day on Thursday on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis. Oil prices continued to rise despite recent data from Energy Information Administration (EIA) showing a jump in US crude inventories in the week ended July 17. Report showing strong gasoline demand and a rebound in distillate fuels supported the uptick in oil prices. Gasoline stockpiles dropped by 100,000 barrels last week, while distillate stockpiles declined by about 1.3 million barrels.
Crude oil futures for September rose $1.61 or about 2.3 percent to settle at $71.91 barrel on the New York Mercantile Exchange. September Brent crude surged $1.56 or 2.2 percent to settle at $73.79 a barrel on London's Intercontinental Exchange.