Crude oil futures ended sharply higher on Thursday as concerns about possible supply disruptions outweighed OPEC+'s decision to increase crude output in March. Possibility of disruptions in crude supplies due to cold weather that is expected to hit the Central and the Northeast parts of the United States contributed as well to the uptick in oil prices. Geopolitical concerns in Eastern Europe and the Middle East have raised concerns about supplies. An explosion that rocked an oil production vessel owned by Nigeria's Shebah Exploration & Production Company is unlikely to any significantly impact output, as Nigeria has already been struggling to meet its production quota due to lack of investment.
Benchmark crude oil futures for March delivery surged $2.01 or 2.3 percent to settle at $90.27 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $1.53 or 1.7 percent to settle at $91 a barrel on London's Intercontinental Exchange.