Crude oil futures ended higher on Tuesday on dollar's weakness and expectations of more economic stimulus in the US. US Treasury Secretary elect Janet Yellen's comments about the need for a larger stimulus took some shine off the dollar and contributed to oil's uptick, as additional economic relief from the government could push up energy demand. Meanwhile, traders were also betting on hopes energy demand from China will pick up as recent data indicates the recovery in the world's second largest economy is showing signs of gaining momentum. Besides, a report from the Energy Information Administration (IEA) forecasts world oil demand to recover by 5.5 million barrels per day to 96.6 million this year. That reflects a downward revision of 0.3 million barrels from last month's assessment.
Crude oil futures for February gained $0.62 or 1.2 percent to settle at $52.98 a barrel on the New York Mercantile Exchange. March Brent crude rose $1.11 or 2.03 percent to settle at $55.86 a barrel on London's Intercontinental Exchange.