Crude oil futures settle higher on Thursday
The US has slapped 25% additional tariffs on India for buying Russian oil, which left country to explore alternative options to buy oil
Crude oil futures settled higher on Thursday amid intensifying Russia-Ukraine conflict and a drop in US crude inventories. The diplomatic efforts by US President Donald Trump to bring the three-year-plus Russia-Ukraine war to an end have so for been unproductive. Meanwhile, traders were monitoring India's response to US sanctions. The US has slapped 25% additional tariffs on India for buying Russian oil, which left country to explore alternative options to buy oil.
Benchmark crude oil futures for October gained $0.45 or 0.70% at $64.60 a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased $0.57 or 0.84% to settle at $68.62 a barrel on London's Intercontinental Exchange.
