Crude oil futures ended higher on Thursday as the dollar weakened with weak economic data raising hopes of a rate cut by the Federal Reserve in June. The dollar index dropped to 104.18 after data from the Commerce Department showed retail sales in the U.S. slid in the month of January. The Commerce Department report said retail sales slid by 0.8% in January after climbing by a downwardly revised 0.4% in December. Street had expected retail sales to edge down by 0.1% compared to the 0.6% increase originally reported for the previous month.
Benchmark crude oil futures for March delivery rose $1.39 or about 1.8% to settle at $78.03 a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained $1.26 or about 1.54% to $83.86 per barrel on London's Intercontinental Exchange.