Crude oil futures ended higher on Thursday, magnifying their previous session’s gains, amid rising hopes about energy demand after the International Energy Agency (IEA) lifted its demand outlook. The IEA said in its monthly report that soaring oil use for power generation in Europe and the Middle East will boost crude consumption for the rest of the year. The IEA also said that Russia's oil output will likely fall roughly 20 percent by the start of next year as a European Union import ban comes into force. Further, the dollar's weakness following the soft inflation data contributed as well to the rise in oil prices.
Benchmark crude oil futures for September delivery rose $2.41 or 2.6 percent to settle at $94.34 a barrel on the New York Mercantile Exchange. Brent crude for October delivery surged $2.20 or 2.3 percent to settle at $99.60 a barrel on London's Intercontinental Exchange.