Crude oil futures settle higher on Thursday
While US has reportedly sent a ceasefire report to Iran, the Islamic Republic said it was reviewing the proposal, but had no intention of holding talks
Crude oil futures settled higher on Thursday amid uncertainty over the end of US-Iran war. While US has reportedly sent a ceasefire report to Iran, the Islamic Republic said it was reviewing the proposal, but had no intention of holding talks. Meanwhile, the Energy Information Administration released a report showed US crude inventories rose by 6.926 million barrels to 456.2 million barrels in the week ended March 20, compared with market expectations for a 0.5 million-barrel rise and marking the fifth consecutive weekly increase.
Benchmark crude oil futures for May delivery increased $4.16 or 4.61% to settle at $94.48 a barrel on the New York Mercantile Exchange. Brent crude for May delivery rose $5.79 or 5.66% to settle at $108.01 a barrel on London's Intercontinental Exchange.
