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Crude oil futures end higher on Thursday

31 Dec 2021 Evaluate

Crude oil futures ended higher on Thursday, extending the upward trend seen over the past several sessions, on expectations that fuel demand held up despite soaring Omicron coronavirus infections and that OPEC and its allies would continue to increase imports only incrementally. Further supporting sentiment, governments around the world were trying to limit the impact of record numbers of new Covid-19 infections on economic growth by easing testing rules and narrowing who needs to isolate as close contacts of positive cases. Meanwhile, China, the world’s biggest oil importer, reported 207 new confirmed coronavirus cases and 27 new asymptomatic cases on Thursday, but no new deaths. Australian cases hit a new record of more than 19,000 daily infections.

Benchmark crude oil futures for February delivery rose $0.43 or 0.6 percent to settle at $76.99 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $0.09 or 0.11 percent to settle at $79.32 a barrel on London's Intercontinental Exchange.

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