Crude oil futures ended higher on Tuesday as the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to gradually increase oil output helped offset concerns about energy demand. OPEC and its allies led by Russia, together known as OPEC+, decided to stick to their plan of gradually raising oil production beginning in May. The cartel advanced their meeting, which had been originally scheduled to take place on Wednesday. However, the rapid spread of the coronavirus in India and Latin America was a concern. India, the world’s third-largest crude importer, has recorded a daily rise of more than 300,000 cases for several days. It has also reported a total of almost 200,000 deaths.
Crude oil futures for June rose $1.03 or 1.7 percent to settle at $62.94 barrel on the New York Mercantile Exchange. June Brent crude gained $0.77 or 1.17 percent to settle at $66.42 a barrel on London's Intercontinental Exchange.