Crude oil futures ended higher on Thursday, extending the upward trend seen over the past several sessions, on expectations of increased demand from China and data showing a slowdown in U.S. consumer price inflation. China's decision to reopen its economy after the end of strict COVID-19 curbs has boosted hopes of higher oil demand. Meanwhile, data released by the Labor Department showed U.S. consumer price index edged down by 0.1% in December after inching up by 0.1% in November. Street had expected consumer prices to come in unchanged. Besides, the dollar's decline also contributed significantly to the rise in oil prices.
Benchmark crude oil futures for February delivery rose $0.98 or 1.3 percent at $78.39 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.26 or 1.52 percent at $83.93 a barrel (provisional) on London's Intercontinental Exchange.