Crude oil futures ended higher on Thursday as traders weighed global energy demand and supply prospects. A report from Organization of the Petroleum Exporting Countries (OPEC) that said the group's crude oil production rose by 217,000 barrels per day (bpd) to 27.453 million bpd in October, but still fell short of the cartel's share of the 400,000-bpd total output hike of the OPEC+ group, helped lift crude oil prices. However, the latest data showing an increase in US crude stockpiles in the week ended November 5th and a downward revision in global oil demand forecast by the OPEC weighed on oil prices. Oil prices were also hurt by concerns that rising US inflation could prompt Washington to release more strategic crude stock piles to drive down prices.
Benchmark crude oil futures for December delivery gained $0.25 or 0.3 percent to settle at $81.59 a barrel on the New York Mercantile Exchange. Brent crude for January delivery rose $0.18 or 0.22 percent to settle at $82.82 a barrel on London's Intercontinental Exchange.