Crude oil futures ended higher on Thursday lifted by optimism about the outlook for demand after data showed an increase in Chinese imports, and on recent data showing a bigger than expected drop in U.S. crude inventories last week. Renewed concerns about geopolitical tensions contributed as well to the rise in oil prices. A stalemate in ceasefire talks between Israel and Hamas following Israel's continued aggression, and Russia's ongoing war against Ukraine has raised concerns about potential supply disruptions.
Benchmark crude oil futures for June delivery higher $0.27 or about 0.34% to settle at $79.26 a barrel on the New York Mercantile Exchange. Brent crude for July delivery rose $0.30 or 0.35% to $83.88 per barrel on London's Intercontinental Exchange.