Crude oil futures ended higher on Tuesday with traders betting on hopes demand for oil will see a significant increase in the second half of this year amid signs of a strong economic rebound from the pandemic. Further, a slowdown in talks between Iran and global powers in reviving a 2015 nuclear deal also supported oil prices. Meanwhile, markets are also looking ahead to the Federal Reserve's monetary policy announcement due Wednesday.
Crude oil futures for July rose $1.24 or 1.8 percent to settle at $72.12 barrel on the New York Mercantile Exchange. August Brent crude gained $1.25 or 1.7 percent to settle at $74.11 a barrel on London's Intercontinental Exchange.