Crude oil futures ended higher on Thursday as traders weighed the potential impact of Donald Trump's presidency on the geopolitical scene, on an interest rate cut announcement by the Federal Reserve. The Federal Reserve cut interest rate by 25 basis points. The central bank said its decision to continue lowering rates comes as labor market conditions have generally eased, while inflation continues to make progress towards its 2% objective.
Benchmark crude oil futures for December delivery rose $0.67 or about 0.93 percent to settle at $72.36 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $0.60 or about 0.8 percent to settle at $75.52 a barrel on London's Intercontinental Exchange.