Oil futures settled higher on Thursday as an agreement to halt months of deadly fighting in Ukraine helped ease concerns over Russian oil demand, but the continuing supply glut in the U.S. kept price gains in check.Crude-oil futures for delivery in March CLH5, +1.02% rose $2.37, or 2.4%, to settle at $51.21 a barrel on the New York Mercantile Exchange.
On its final trading day as a front-month contract on London’s ICE Futures exchange, March Brent crude LCOH5, +4.39% rose $2.39, or 4.4%, to end at $57.05 a barrel.
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