Crude oil futures ended higher on Thursday after data showed crude inventories in the U.S. fell by slightly more than expected in the week ended June 14th, and on optimism about increased demand for fuel in the summer driving season. Data from the Energy Information Administration (EIA) showed crude oil inventories decreased by 2.5 million barrels last week after jumping by 3.7 million barrels a week earlier. Street had expected crude oil inventories to fall by 2.0 million barrels.
Benchmark crude oil futures for July delivery rose by $0.60 or 0.70% to settle at $82.17 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up by $0.64 or about 0.80% to $85.71 per barrel on London's Intercontinental Exchange.