Crude oil futures ended higher on Thursday on concerns about tight supplies amid geopolitical tensions. Expectations of a jump in demand from China supported oil prices. A private report said that a few refineries in China, including private player Zhejiang Petrochemicals, are considering increasing utilization by up to 10% m/m in October amid stronger demand domestically. Besides, Russian President Vladimir Putin’s decision to call up 300,000 reservists to fight in Ukraine, backing up a plan to annex parts of the country, also added to geopolitical concerns.
Benchmark crude oil futures for November delivery surged $0.55 or 0.7 percent at $83.49 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained $0.55 or about 0.61 percent to settle at $90.38 (Provisional) a barrel on London's Intercontinental Exchange.