Crude oil futures ended higher on Tuesday, extending gains to a seventh straight session, on easing worries about the outlook for energy demand. With the vaccination drive gaining momentum in several countries and optimism about a stimulus plan rising by the day, concerns over energy demand have eased a bit. A weak dollar - the dollar index drifted down by nearly 0.5% to 90.50 - also supported oil’s uptick. Meanwhile, the US Energy Information Administration said in a report that it doesn't expect the country's oil industry to return to pre-pandemic levels of production until 2023, not least because it expects the sector to have to fight harder for investment dollars in the future.
Crude oil futures for March rose $0.39 or 0.7 percent to settle at $58.36 barrel on the New York Mercantile Exchange. April Brent crude gained $0.40 or 0.69 to settle at $61.10 a barrel on London's Intercontinental Exchange.