Crude oil futures ended sharply higher on Thursday lifted by a weak dollar. The dollar tumbled on hopes for interest rate cuts after the U.S. Federal Reserve kept interest rates steady, as widely expected, and hinted at three rate cuts in 2024, citing easing inflation and slowing growth. Besides, concerns about the security of Middle East supplies following a tanker attack in the Red Sea off Yemen's coast contributed as well to the uptick in oil prices.
Benchmark crude oil futures for January delivery rose $2.11 or about 3 percent to settle at $71.58 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $2.35 or about 3.16 percent to settle at $76.61 a barrel on London's Intercontinental Exchange.