Crude oil futures ended higher on Tuesday, lifting the most actively traded oil futures contract to their best close in about 11 months. A weak dollar and Saudi Arabia's decision to cut production in the next two months supported the commodity. Saudi Arabia said last week that it has decided to cut production by 1 million barrels a day in February and March.
Crude oil futures for February rose 96 cents or 1.8 percent to settle at $53.21 a barrel on the New York Mercantile Exchange. March Brent crude surged 92 cents or 1.7 percent to settle at $56.58 a barrel on London's Intercontinental Exchange.