Crude oil futures ended higher on Thursday as the International Energy Agency (IEA) raised upward its global demand growth forecast, and attack on Russian oil refineries raised supply concerns. The IEA revised global demand growth upward by 110,000 barrels per day to 1.3 million barrels per day total. The IEA said in its report that oil demand this year will likely rise by 1.3 million barrels above 2023 levels. Besides, it is estimated that the Ukrainian attacks deep inside Russia have damaged around 12% of Russia's total oil-processing capacity.
Benchmark crude oil futures for April delivery rose $1.54 or about 1.9% to settle at $81.26 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged by $1.39 or about 1.65% to $85.42 per barrel on London's Intercontinental Exchange.