Crude oil futures ended higher on Tuesday, extending recent gains following the Organization of the Petroleum Exporting Countries and other major oil producers including Russia, collectively known as OPEC+, deciding to stick to their plan of gradually raising crude production. Amid rising demand for energy and surging prices, participants were hoping that the cartel will significantly increase output. However, the group has decided to stick to their earlier plan for now. Markets now look ahead to weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
Benchmark Crude oil futures for November delivery rose $1.31 or about 1.7 percent to settle at $78.93 barrel on the New York Mercantile Exchange. Brent crude for December delivery added $1.8 or about 2.2 percent to settle at $83.11 a barrel on London's Intercontinental Exchange.