Crude oil futures ended higher on Thursday as the market deemed it unlikely that the United States would release emergency crude reserves or ban exports to ease tight supplies. The United States has used its strategic reserves on occasion, usually after hurricanes or other supply disruptions. However, since ending a 40-year ban on crude exports in 2015, the nation has become a significant exporter, and has not broached cutting exports. Positive sentiment also came after US lawmakers reached an agreement to extend the government's debt limit also contributed to the buoyancy in the oil market.
Benchmark Crude oil futures for November delivery rose $0.87 or about 1.1 percent to settle at $78.30 barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $0.87 or 1.1 percent to settle at $81.95 a barrel on London's Intercontinental Exchange.