Crude oil futures ended higher on Tuesday, extending their previous session’s gains, amid easing concerns about the outlook for energy demand following the rollout of a coronavirus vaccine. Fairly buoyant economic data from China also helped ease worries about energy demand. However, worries about surging coronavirus cases in several countries, tighter lockdown restrictions in many places and a report from the International Energy Agency that forecasts a slower than expected recovery in global energy demand limited oil's advance.
Crude oil futures for January gained $0.63 or 1.3 percent to settle at $47.62 a barrel on the New York Mercantile Exchange. February Brent crude rose $0.44 or 0.88 percent to settle at $50.73 a barrel on London's Intercontinental Exchange.