Magnifying their previous session’s gains, crude oil futures ended higher on Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) and their allies' move to cut production helped ease worries about any excess supply in the market. Also, with the coronavirus vaccination drive gathering momentum in several countries, concerns about the outlook for energy demand have eased a bit. Meanwhile, the number of new coronavirus cases globally has fallen for the third week in a row, the World Health Organization reported on Monday, but urged countries not to let up efforts to defeat the disease.
Crude oil futures for March rose $1.21 or 2.3 percent to settle at $54.76 barrel on the New York Mercantile Exchange. April Brent crude gained $1.18 or 2.1 percent to settle at $57.51 a barrel on London's Intercontinental Exchange.