Crude oil futures settled higher on Thursday on concerns about global crude supply and strong demand in the US. Reports saying the European Union is mulling a potential ban on Russian oil imports, and supply interruptions in Libya, where blockades at major fields and terminals reportedly result in the loss of over 550,000 barrels per day of oil output, pushed up oil prices. Meanwhile, the demand outlook in China continues to weigh on the market, as the world’s biggest oil importer slowly eases strict Covid-19 curbs that have hit manufacturing activity and global supply chains.
Benchmark crude oil futures for June delivery gained $1.60 or 1.6 percent to settle at $103.79 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $1.66 or 1.55 percent to settle at $108.46 (Provisional) a barrel on London's Intercontinental Exchange.