Crude oil futures ended higher on Thursday on expectations of steep cuts to Russian production next month. Further, the notable rebound by the price of crude oil came even though the Energy Information Administration (EIA) released a report showing a much bigger than expected increase in U.S. crude oil inventories. The EIA said crude oil inventories surged by 7.6 million barrels in the week ended February 17 compared to street estimates for an increase of 2.1 million barrels. The report said distillate fuel inventories also jumped by 2.7 million barrels, while gasoline inventories fell by 1.9 million barrels.
Benchmark crude oil futures for April delivery gained $1.44 or 2.0 percent to $75.39 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $1.61 or 2 percent at $82.21 a barrel on London's Intercontinental Exchange.