Crude oil futures ended higher on Tuesday lifted by an upward revision in energy demand forecast by the Organization of the Petroleum Exporting Countries (OPEC). The OPEC raised its demand forecast by 190,000 barrels a day from its March estimate. The group said in its monthly report that it expects consumption to average 96.46 million barrels a day this year, citing economic stimulus programs and a further easing of lockdown measures. Besides, data showing a surge in Chinese imports contributed as well to oil’s uptick. Data out of China showed oil imports to that country rose as much as 21% in March, compared to the same month last year.
Crude oil futures for May rose 48 cents or 0.8 percent to settle at $60.18 barrel on the New York Mercantile Exchange. June Brent crude gained 39 cents or 0.6 percent to settle at $63.67 a barrel on London's Intercontinental Exchange.