Crude oil futures ended higher on Thursday as the dollar fell after data showed a smaller than expected increase in US consumer prices in October. The dollar index fell to 108.19, losing ground amid rising hopes the Fed will start slowing down the pace of monetary tightening as early as next month. However, gains were limited due to concerns about the outlook for energy demand, as a surge in Covid cases in China's Guangdong province raised fears that authorities might impose tough curbs in the area and several other parts of the country.
Benchmark crude oil futures for December delivery rose $0.64 or about 0.8 percent at $86.47 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $0.88 or about 0.95 percent to settle at $93.53 (Provisional) a barrel on London's Intercontinental Exchange.