Crude oil futures ended higher on Thursday amid possible supply disruptions due to Middle East tensions, and on hopes of increased demand in the U.S. after data showed a drop in jobless claims. The recent data from the Energy Information Administration (EIA) showing a much bigger than expected decline in U.S. crude inventories last week contributed as well to the rise in oil prices.
Benchmark U.S. crude oil futures for September delivery rose $0.96 or about 1.28% to $76.19 per barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $0.83 or about 1.05% to $79.16 per barrel on London's Intercontinental Exchange.