Crude oil futures ended higher on Thursday, reversing earlier losses, as supply concerns and geopolitical tension in Europe got the upper hand over the economic fears dogging financial markets as inflation soars. Meanwhile, a pending European Union (EU) ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies. The EU is still haggling over details of the Russian embargo, which needs unanimous support. However, a vote has been delayed as Hungary opposes the ban because it would be too disruptive to its economy.
Benchmark crude oil futures for June delivery surged $0.42 or 0.4% percent to settle at $106.13 a barrel on the New York Mercantile Exchange. Brent crude for July delivery rose $0.23 or 0.2 percent to settle at $107.74 (Provisional) a barrel on London's Intercontinental Exchange.