Crude oil futures ended higher on Thursday amid rising optimism over the emerging economic scenario, following reports that major trading partners of the U.S. are expediting negotiations to avoid high tariffs post-August 1. U.S. Secretary of the Treasury Scott Bessent reportedly said that the talks were going better than they had been, and that progress was being made, which also kept the sentiments upbeat. Further, the Petroleum Status Report released by the U.S. Energy Information Administration showed U.S. crude stockpiles declined by 3.169 million barrels in the week ending July 19, (8 percent below) exceeding expectations of around 1.4-million-barrel draw.

Benchmark crude oil futures for September climbed $0.78 or about 1.20% at $66.03 a barrel on the New York Mercantile Exchange. Brent crude for September gained $0.67 or about 0.98% at $69.18 a barrel on London's Intercontinental Exchange.