Crude oil futures moved higher on Thursday on concerns about supplies amid rising trade tensions following the U.S. President Donald Trump's new tariffs on auto imports and the imposition of tariffs on goods imported by countries that buy oil from Venezuela. Besides, recent data showing a sharp drop in U.S. crude inventories last week, and a weak dollar too supported oil price. However, gains are expected to remain capped as OPEC+ planning to increase oil production from April and rising optimism regarding return of Russian crude in global trade.
Benchmark crude oil futures for May closed higher up $0.27 or about 0.39% at $69.92 a barrel on the New York Mercantile Exchange. Brent crude for May delivery gained $0.24 or about 0.33% to settled at $74.03 a barrel on London's Intercontinental Exchange.