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Crude oil futures end higher on Thursday

10 Nov 2023 Evaluate

Crude oil futures ended higher on Thursday on account of lingering concerns about the outlook for energy demand amid global economic slowdown. Oil prices rose despite new data indicating deflationary pressures in China, the world's biggest crude oil importer. China's consumer price inflation fell 0.2% year-on-year in October while factory-gate prices declined 2.6%, falling for a 13th month in a row and raising concerns over domestic demand.

Benchmark crude oil futures for December delivery rose $0.41 or 0.5 percent to settle at $75.74 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $0.47 or 0.6 percent to settle at $80.01 a barrel on London's Intercontinental Exchange.

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