Crude oil futures settle higher on Thursday
Crude oil inventories in the U.S. fell by 3.831 million barrels, the largest draw since late October
Crude oil futures ended sharply higher on Thursday, after falling for two days, as data showing a decline in the U.S. crude inventories allayed global oversupply concerns and supported prices. According to the U.S. Energy Information Administration, for the week ending January 2, crude oil inventories in the U.S. fell by 3.831 million barrels, the largest draw since late October. However, the upward momentum was blocked due to geopolitical escalations. Investors took a cautious approach ahead of U.S. non-farm payroll data slated to be released on Friday which will shed light on the strength of the U.S. labor market.
Benchmark crude oil futures for February delivery rose $1.77 or 3.16% to settle at $57.76 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $2.03 or 3.38% to settle at $61.99 a barrel on London's Intercontinental Exchange.
