Crude oil futures ended higher on Thursday on concerns over supply due to the possible impact of sanctions on Russia's crude oil production. Meanwhile, Germany, which was against a ban on Russian oil, has dropped its opposition to a European Union ban on purchases of Russian oil provided it is given time to find alternative sources of supply. However, there was some cautiousness as Beijing, in China, closed some public spaces and stepped up COVID-19 checks at others as most of the city’s 22 million residents embarked on more mass testing in an effort to avert a Shanghai-like lockdown. The most recent lockdown has disrupted factories and supply chains, raising fears over the country’s economic growth.
Benchmark crude oil futures for June delivery rose $3.34 or 3.3 percent to settle at $105.36 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $2.52 or 2.4 percent to settle at $107.47 (Provisional) a barrel on London's Intercontinental Exchange.