Crude oil futures climbed to new heights on Thursday, according to Bloomberg MarketWatch.
December Brent crude, the global benchmark, added 86 cents, or 1.5%, to settle at $59.30 a barrel on the ICE Futures Europe Exchange, marking the highest finish for a front-month contract since July 3, 2015, according to data from Dow Jones.
On the New York Mercantile Exchange, December West Texas Intermediate crude rose 46 cents, or 0.9%, to end trading at $52.64 a barrel—the highest finish since April 17.
Natural gas futures extended their losses after data from the Energy Information Administration released on Thursday revealed that domestic supplies of natural gas rose by 64 billion cubic feet for the week ending October 20. Analysts surveyed by S&P Global Platts forecast a climb of 66 billion cubic feet.
November natural gas, which expires at Friday’s settlement, fell 1% to $2.89 per million British thermal units on the New York Mercantile Exchange.
The market will soon see stronger demand for heating oil as the weather gets colder and supplies are tightening.