Crude oil futures ended higher on Thursday, magnifying gains from the previous session, on optimism about demand growth after data from the US Commerce Department showing bigger than expected rebound in US economic activity helped ease fears about a recession. The report from the Commerce Department showed real gross domestic product shot up by 2.6% in the third quarter following a 0.6% drop in the second quarter and a 1.6% slump in the first quarter. Street had expected GDP to jump by 2.4%.
Benchmark crude oil futures for December delivery rose $1.17 or 1.3 percent at $89.08 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $1.27 or about 1.35 percent to settle at $95.06 (Provisional) a barrel on London's Intercontinental Exchange.