Crude oil futures ended higher on Thursday despite data showing an unexpected increase in US crude supplies last week. Data from Energy Information Administration (EIA) showed crude inventories in the US rose by 8.2 million barrels in the week ended July 1. The EIA data showed gasoline supplies dropped by 2.5 million barrels in the week, while distillate stockpiles fell by 1.3 million barrels. The EIA data also showed oil stocks in the Strategic Petroleum Reserve fell to 492 million barrels, from 497.9 million barrels from a week earlier. Besides, a report from the American Petroleum Institute on Wednesday showed U.S. crude supplies increased by 3.8 million barrels last week.
Benchmark crude oil futures for August delivery rose $4.20 or 4.3 percent to settle at $102.73 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $4.04 or 4 percent to settle at $104.73 (Provisional) a barrel on London's Intercontinental Exchange.