Crude oil futures ended higher on Thursday after Russian Deputy Prime Minister Alexander Novak said global oil markets were balanced. Novak said OPEC+ does not see the need for further oil output cuts but is always able to adjust its policy. Russia is part of the OPEC+ group of oil-producers that this month announced a combined reduction of around 1.16 million barrels per day, a surprise decision the U.S. described as unwise and which sent oil prices higher.
Benchmark crude oil futures for June delivery gained $0.46 or 0.6 percent to settle at $74.76 a barrel on the New York Mercantile Exchange. Brent crude for June delivery rose $0.68 or 0.88 percent to settle at $78.37 a barrel on London's Intercontinental Exchange.
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