Crude oil futures ended higher on Thursday, magnifying their previous session’s rally, as Israel reportedly prepared to move into Gaza to fight against Hamas. Further, a weak dollar supported oil prices. The dollar eased after Federal Reserve Chair Jerome Powell failed to signal a hike at the central bank's rate decision, due early next month. However, oil prices fell earlier in the session, after the United States' decision to ease crude sanctions against Venezuela offset potential supply disruptions amid the tensions in the Middle East.
Benchmark crude oil futures for November delivery rose $1.05 or 1.2 percent to settle at $89.37 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $0.88 or about 1 percent to settle at $ 92.38 a barrel on London's Intercontinental Exchange.