Crude oil futures ended slightly higher on Thursday, amid uncertainty about the outlook for oil demand, and on possible excess supply in the market. Meanwhile, the recent data showing a jump in crude inventories in the U.S., and the OPEC+'s decision to return voluntary output from April, weighed on prices. The dollar's weakness supported oil prices. Further, Comments from US Commerce Secretary Lutnick gave crude a boost. Lutnick said President Trump is likely to defer tariffs on Canada and Mexico for all goods and services compliant with the United States-Mexico-Canada Agreement (USMCA).
Benchmark crude oil futures for March increased $0.08 or about 0.17% at $69.42 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased $0.8 or 0.58% to settle at $71.04 a barrel on London's Intercontinental Exchange.