Crude oil futures ended higher on Tuesday amid hopes energy demand will pick up in the event of the US policymakers deciding to provide additional stimulus to boost economic growth. Traders were also reacting to reports saying crude oil inventories in the US may have dropped in the week ending December 25th. Private report said oil stockpiles may have dropped last week. The report said crude stocks likely fell by 2.1 million barrels in the week. However, the re-imposition of movement restrictions in the U.K. and several parts of Europe and Africa due to the spread of a new variant of the coronavirus remains a major concern.
Crude oil futures for February rose $0.38 or 0.8 percent to settle at $48.00 a barrel on the New York Mercantile Exchange. February Brent crude gained $0.36 or 0.7 percent to settle at $51.26 a barrel on London's Intercontinental Exchange.