Crude oil futures settled higher on Thursday amid uncertainty over the end of US-Iran war. While US has reportedly sent a ceasefire report to Iran, the Islamic Republic said it was reviewing the proposal, but had no intention of holding talks. Meanwhile, the Energy Information Administration released a report showed US crude inventories rose by 6.926 million barrels to 456.2 million barrels in the week ended March 20, compared with market expectations for a 0.5 million-barrel rise and marking the fifth consecutive weekly increase.
Benchmark crude oil futures for May delivery increased $4.16 or 4.61% to settle at $94.48 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $5.79 or 5.66% to settle at $108.01 a barrel on London's Intercontinental Exchange.
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