Crude oil futures ended sharply higher on Thursday buoyed by report suggesting a jump in demand from Chinese refineries. Data showed China’s oil refinery throughput rose 15.4% in May from a year earlier, hitting its second highest total on record. Chinese demand for oil is expected to keep climbing at an assured rate during the second half of the year. Further, the dollar's weakness also contributed the jumped in oil prices. The dollar index dropped to 102.12, losing about 0.8%.
Benchmark crude oil futures for July delivery surged $2.35 or about 3.4 percent to settle at $70.62 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $2.47 or 3.37 percent to settle at $75.67 a barrel on London's Intercontinental Exchange.