Crude oil futures ended higher with rally of over three percent on Thursday on increasing signs of tight supply in the market ahead of the peak U.S. driving season that kicks off on Memorial Day (May 30). Meanwhile, European Council President Charles Michel said that he is confident that an agreement can be reached before the council's next meeting on May 30. Further, a weak dollar and the possibility of EU sanctions on Russian oil sales also contributed to the jump in oil prices.
Benchmark crude oil futures for July delivery rose $3.76 or 3.4% percent to settle at $114.09 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $3.37 or about 3.40 percent to settle at $117.40 a barrel on London's Intercontinental Exchange.