Crude oil futures ended marginally higher on Thursday amid expectations of increased demand for oil. However, recent data showing a jump in U.S. crude inventories limited the upside in oil prices. The International Energy Agency's forecast of a surplus petroleum production of up to eight million barrels per day by 2030 and the higher-for-longer Fed rate outlook also weighed on prices.
Benchmark crude oil futures for July delivery rose by $0.12 or 0.15% to settle at $78.62 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up $0.15 or about 0.18% to $82.75 per barrel on London's Intercontinental Exchange.