WASHINGTON (dpa-AFX) - Crude oil futures settled higher on Thursday, bouncing back strongly after early weakness, despite continued uncertainty about the outlook for energy demand amid a surge in coronavirus cases and fresh lockdown restrictions in several countries in Europe.
Oil prices had drifted lower and hit six-week lows earlier in the day, weighed down by reports that the United States has been reaching out to all major oil consumer nations to release their strategic petroleum reserves to temper rallying crude oil prices.
West Texas Intermediate Crude oil futures for December ended higher by $0.65 or about 0.8% at $79.01 a barrel.
Brent crude futures were up $0.88 or 1.1% at $81.16 a barrel.
The Biden administration is reportedly asking China, India and Japan to consider releasing crude stockpiles to help lower prices. China's State Reserve Bureau was said to be working on a release of crude oil reserves.
Traders also reacted to the International Energy Agency and OPEC's comments in recent weeks that more supply available in the next several months.
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