Crude oil futures ended higher with gains of over one percent on Tuesday after positive reports on the coronavirus vaccine front raised hopes that the demand for oil will see a steady increase in the coming months. According to reports, Dr. Anthony Fauci, the US' top infectious disease expert, has said both the Pfizer and AstraZeneca Covid vaccines are effective against the Delta variant post two doses. Further, Many countries including the US are looking to gradually ease travel restrictions. However, a report from the US Energy Information Administration (EIA) showed that the agency has cut its 2021 world oil demand growth forecast by 10,000 barrels per day to 5.41 million bpd, limited oil's uptick.
Crude oil futures for July rose $0.82 or 1.2 percent to settle at $70.05 barrel on the New York Mercantile Exchange. August Brent crude surged $0.82 or 1.16 percent to settle at $72.31 a barrel on London's Intercontinental Exchange.