Crude oil futures ended higher on Thursday on upbeat U.S. economic data. Data released by the Commerce Department showed an unexpected acceleration in the pace of economic growth in the second quarter. The report said, real gross domestic product surged by 2.4% in the second quarter after jumping by 2% in the first quarter. Street had expected the pace of GDP growth to slow to 1.8%. Besides, prospects of tighter supply in the market due to production cuts by OPEC and allies contributed as well to the rise in oil prices.
Benchmark crude oil futures for September delivery rose $1.31 or about 1.7 percent to settle at $80.09 a barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.32 or about 1.6 percent to settle at $84.24 a barrel on London's Intercontinental Exchange.