22.10.202019:12:00UTC+00Oil Futures End Notably Higher

Crude oil prices moved higher on Thursday, rebounding from losses in the previous session, despite data showing a surge in gasoline stockpiles, and uncertainty around U.S. stimulus deal.

Although the U.S. lawmakers are unable to patch up certain crucial differences and work out a stimulus package, it is widely expected that they will eventually arrive at a compromise and announce a deal sometime soon.

Meanwhile, data showing a drop in U.S. jobless claims in the week ended October 16 has raised hopes the economy will gradually recover.

A report in Bloomberg quoting Russian President Vladimir Putin as saying that his country has not ruled out delaying OPEC+ production increases that are set to be implemented in January, contributed as well to the rise in oil prices.

West Texas Intermediate Crude oil futures for December ended up $0.63 or about 1.4% at $40.64 a barrel.

Brent crude futures were up by about $0.90 or 2.2% at $42.63 a barrel.

Both WTI and Brent futures contracts had tumbled more than 3% in the previous session.

Worries about energy demand outlook have been growing due to continued surge in coronavirus cases and fresh lockdown restrictions in several parts across the globe.