Crude oil futures ended higher on Thursday continuing to benefit from the recent proposal by the European Union to impose sanctions on Russian oil. Meanwhile, the US dollar rebounded to its highest since December 2002, a day after the Federal Reserve affirmed it would take aggressive steps to combat inflation. A strong dollar makes oil more expensive for holders of other currencies. However, upside remained capped as the Organization of the Petroleum Exporting Countries, Russia and allied producers (OPEC+) agreed to another modest monthly oil output increase.
Benchmark crude oil futures for June delivery added $0.45 or 0.4% percent to settle at $108.26 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.68 or 0.6 percent to settle at $110.82 (Provisional) a barrel on London's Intercontinental Exchange.