Crude oil futures settle higher amid signs of increase in US fuel demand
Reports suggested an increase in fuel demand in the US as the summer travel season approaches
Crude oil futures ended higher on Thursday amid the ongoing Israel-Iran ceasefire and reports suggesting an increase in fuel demand in the US as the summer travel season approaches. Besides, the concerns about increased output by OPEC+ countries was balanced by the fifth straight weekly drawdown on US crude oil inventories 11% below the five-year average.
Benchmark crude oil futures for August surged $0.32 or about 0.49% at $65.24 a barrel on the New York Mercantile Exchange. Brent crude for August gained $0.05 or about 0.07% at $67.73 a barrel on London's Intercontinental Exchange.
