WASHINGTON (dpa-AFX) - Oil prices climbed higher on Thursday as escalating geopolitical tensions due to the ongoing war between Russia and Ukraine outweighed recent data showing robust supply in the market, and weak demand from China.
Ukraine fired British cruise missiles into Russia on Wednesday, the latest Western weapon it has been permitted to use, a day after it fired U.S. missiles.
According to reports, Russia responded Thursday morning, launching an intercontinental ballistic missile at Ukraine, the first time Moscow has used such a powerful, long-range missile during the war.
West Texas Intermediate crude oil futures for December closed up $1.35 or about 1.96% at $70.10 a barrel.
Brent crude futures settled at $74.25 a barrel, gaining $1.44 or nearly 2%.
Data released by the U.S. Energy Information Administration on Wednesday showed crude oil inventories in the U.S. rising by 0.545 million barrels during the week ended November 15 as compared with a rise of 2.09 million barrels in the previous week. Markets had anticipated a build of 0.4 million barrels only.
Traders also noted a report that OPEC+ may push back output increases again when it meets on Dec. 1 due to weak global oil demand.
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