Crude oil futures ended higher for second straight day on Tuesday as concerns about outlook for energy demand eased a bit amid signs of falling coronavirus infections in China, India and some other countries. The US drug regulator's decision to grant full approval to the Pfizer/BioNTech SE COVID-19 vaccine, and a subdued dollar too contributed to oil's uptick. Oil prices were also supported by a fire on an oil platform off Mexico on Sunday, which resulted in the shutdown of 125 wells in the field and likely reduce daily output of oil equivalents by 421,000 barrels.
Crude oil futures for October surged $1.90 or 3 percent to settle $67.54 barrel on the New York Mercantile Exchange. October Brent crude gained $2.17 or 3.19 percent to settle at $70.54 a barrel on London's Intercontinental Exchange.