Crude oil futures ended higher on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. The Commerce Department report showed stronger than expected U.S. economic growth in the fourth quarter of 2022. The report said real gross domestic product shot up by 2.9 percent in the fourth quarter after spiking by 3.2 percent in the third quarter. Street had expected GDP to jump by 2.6 percent. China has been easing stringent COVID-19 restrictions this month, with Beijing reopening borders for the first time in three years.
Benchmark crude oil futures for March delivery rose $0.86 or 1.1 percent at $81.01 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $1.35 or 1.6 percent at $87.47 (Provisional) a barrel on London's Intercontinental Exchange.
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