Brent crude futures settled up 82 cents to US$84 a barrel, a 1% gain, and its highest settle since October 2018. U.S. West Texas Intermediate (WTI) crude futures ended up 87 cents to $81.31 a barrel, notching another seven-year closing high.
NEW YORK: Oil prices rose 1% on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.
The market largely shrugged off an unexpectedly large increase in U.S. crude inventories as refiners cut production in a generally slower period for those facilities.
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