Crude oil futures ended higher on Thursday on expectations of a pick up in energy demand on reports Chinese officials are planning to ease restrictions in Shanghai. Further, oil prices also rose as the dollar weakened. The broad dollar index was down 1% on the day after recent gains. Oil benchmarks often move inversely with the dollar as most global crude transactions are handled in dollars, so a rising greenback makes crude more expensive for big importers.
Benchmark crude oil futures for June delivery rose $2.62 or 2.4% percent to settle at $112.21 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged $2.93 or 2.7 percent to settle at $112.04 a barrel on London's Intercontinental Exchange.