Crude oil futures ended higher on Thursday, after losing ground the last session, finding support from recent output cuts by major producers as traders remained cautious over the outlook for energy. Oil prices rose amid fears of declining supplies from Russia. Data released by the Energy Information Administration (EIA), which showed a smaller than expected drop in U.S. crude inventories, supported oil prices. Besides, expectations the Federal Reserve is near the end of its rate-hike cycle as inflation continues to cool have been cited as supportive for crude, which has bounced higher in July.
Benchmark crude oil futures for August delivery rose $0.28 or about 0.4 percent to settle at $75.63 a barrel on the New York Mercantile Exchange. Brent crude for September delivery gained $0.18 or about 0.22 percent to settle at $79.64 a barrel on London's Intercontinental Exchange.