Crude oil futures ended higher on Thursday as optimism about higher demand from China. Manufacturing activity in China grew at the fastest pace in more than a decade last month, data showed on Wednesday, adding to evidence of a rebound in the world’s second-largest economy after removal of strict COVID-19 curbs. However, data showing a faster than expected increase in consumer prices in some major Eurpean countries raised expectations of interest rate hikes by the ECB. The minutes from ECB's latest meeting also suggested that the central bank will continue to raise interest rates in the coming months.
Benchmark crude oil futures for April delivery surged $0.47 or 0.6 percent to $78.16 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $0.44 or 0.52 percent to $84.75 a barrel on London's Intercontinental Exchange.