Crude oil futures ended higher on Thursday, bouncing back strongly after early weakness, despite continued uncertainty about the outlook for energy demand amid a surge in coronavirus cases and fresh lockdown restrictions in several countries in Europe. Oil prices drifted lower and hit six-week lows earlier in the day, weighed down by reports that the United States has been reaching out to all major oil consumer nations to release their strategic petroleum reserves to temper rallying crude oil prices. Meanwhile, traders also reacted to the International Energy Agency and the Organization of the Petroleum Exporting Countries' (OPEC's) comments in recent weeks that more supply available in the next several months.
Benchmark crude oil futures for December delivery rose $0.65 or 0.8 percent to settle at $79.01 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $0.88 or 1.1 percent to settle at $81.16 a barrel on London's Intercontinental Exchange.