Crude oil futures ended higher on Thursday amid prospects for a surge in energy demand and tighter supplies due to the slow recovery in the restoration of output in the Gulf of Mexico following the disruptions caused by recent hurricanes. Further, recent data showing a drop in US crude stockpiles in the week ended September 17 also continued to support oil prices. OPEC and allies, collectively known as OPEC+, will meet on October 4. Iraq's oil minister said on Wednesday that the group was working to keep crude prices close to $70 per barrel amid a recovery in the global economy.
Benchmark Crude oil futures October delivery rose $1.07 or 1.5 percent to settle at $73.30 barrel on the New York Mercantile Exchange. Brent crude for November delivery gained $0.97 or 1.27 percent to settle at $77.16 a barrel on London's Intercontinental Exchange.