Crude oil futures ended higher on Thursday as expectations of an end to the Russia-Ukraine war dimmed, with Russia adamant about holding the captured territories. Ukraine has so far rejected demands for ceding its territories to Russia, a contention which Ukraine-friendly European nations have also supported. European leaders criticized Putin for being insincere in his attempts to resolve the conflict peacefully. Meanwhile, escalating tensions between the U.S. and Venezuela were also supporting oil prices.
Benchmark crude oil futures for January increased $0.72 or 1.22% at $59.67 a barrel on the New York Mercantile Exchange. Brent crude for February delivery gained $0.59 or 0.94% to settle at $63.26 a barrel on London's Intercontinental Exchange.
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