COMMODITY
Crude oil futures end notably higher on Thursday
Jan-17-2020

Rebounding sharply from losses in the previous session, crude oil futures ended sharply higher, with gains of over a percent, on Thursday, on the back of drop in US crude inventories and the signing of a partial US-China trade deal. The US-China trade deal and some upbeat economic data have raised hopes about an increase in near-term energy demand. Oil prices were weak early on in the session due to a report from the International Energy Agency (IEA) that said it expects oil production to outpace demand for crude from Organization of the Petroleum Exporting Countries (OPEC) despite full compliance with a pact that calls for a deep output reduction. The IEA report also said higher oil production from non-OPEC countries, including the US, and huge stockpiles will offset disruptions that might happen due to geopolitical tensions.

Crude oil futures for February rose 71 cents or 1.2 percent to settle at $58.52 a barrel on the New York Mercantile Exchange. March Brent gained 62 cents or 1 percent to settle at $64.62 a barrel on London's Intercontinental Exchange.

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