Skip to main content

MoneyWorks4Me

Crude oil futures end higher on Thursday

30 Jun 2023 Evaluate

Crude oil futures ended higher on Thursday, extending previous session’s rally, supported by a bigger draw than expected in U.S. crude inventories. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23. However, concerns about rising interest rates and economic slowdown limited the uptick in oil prices. Federal Reserve Chair Jerome Powell said that the US central bank would deliver more interest rates hikes by the end of the year in its prolonged fight against high inflation.

Benchmark crude oil futures for August delivery rose $0.30 or about 0.4 percent to settle at $69.86 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained $0.31 or 0.4 percent to settle at $74.34 a barrel on London's Intercontinental Exchange.