Magnifying their previous session’s gains, crude oil futures ended higher on Tuesday amid continued optimism about increased demand for fuel in the US and parts of Europe during the summer. EU officials proposed easing restrictions on visiting the 27-nation bloc as vaccination campaigns across the continent gather speed. In the US, New York State, New Jersey and Connecticut will ease most of their pandemic curbs on businesses, including retail stores, food services and gyms, beginning on May 19. Traders bet on hopes that relaxations in restrictions on movement in the US will help lift oil demand. However, the surge in coronavirus cases in Asia, especially in India and Japan, has raised concerns energy demand from the region will drop amid the rising possibility of a shutdown.
Crude oil futures for June rose $1.20 or 1.9 percent to settle at $65.69 barrel on the New York Mercantile Exchange. July Brent crude gained $1.28 or 1.9 percent to settle at $68.84 a barrel on London's Intercontinental Exchange.