Crude oil futures ended higher on Thursday as hopes about higher demand from China. According to private report, Chinese oil demand increased by nearly 1 million barrels per day to 15.41 million barrels per day in November 2022, the highest level in about nine months. However, data from U.S. Energy Information Administration (EIA) showed crude inventories in the U.S. rose by 8.4 million barrels last week (January 13), as against forecast for a decline of 593,000 barrels. Gasoline stockpiles increased by 3.483 million barrels last week, higher than an expected increase of 2.529 million barrels. Meanwhile, distillate stockpile dropped 1.939 million barrels in the week, as against expectations for a rise of 122,000 barrels.
Benchmark crude oil futures for February delivery rose $0.85 or 1.1 percent at $80.33 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $1.18 or 1.4 percent at $86.16 a barrel on London's Intercontinental Exchange.