Crude oil futures ended higher with gain of over two percent on Tuesday amid optimism about a strong global economic recovery and increased demand for oil as the US and Europe relax restrictions and reopen businesses following a drop in fresh coronavirus cases and an acceleration in the vaccination drive. Oil prices were buoyed by reports that the Organization of the Petroleum Exporting Countries (OPEC) and their allies have agreed to continue a slow easing of supply curbs.
Crude oil futures for July surged $1.40 or 2.1 percent to settle at $67.72 barrel on the New York Mercantile Exchange. August Brent crude rose 1.20 or 1.73 percent to settle at 70.52 a barrel on London's Intercontinental Exchange.