Crude oil futures ended higher on Thursday amid optimism about a strong global economic recovery and increased demand for oil. Recent data showing a drop in US crude inventories last week, and a weak US dollar also contributed to oil's advance. Meanwhile, traders continued to react to the decision of OPEC and its allies to stick to their existing plan for gradual monthly oil-production increases. OPEC+ agreed to add another 400,000 barrels per day of supply each month to the market through December. The group also raised its demand forecast for 2022 despite the risk of new lockdowns in several countries to fight the unresolved COVID variant spread.
Crude oil futures for October gained $1.40 or about 2 percent to settle $69.99 barrel on the New York Mercantile Exchange. November Brent crude surged $1.30 or about 1.8% percent to settle at $72.89 a barrel on London's Intercontinental Exchange.