Crude oil futures ended sharply higher on Tuesday, extending their previous session's gains, on rising hopes about the outlook for energy demand after the United States lifted travel restrictions to several countries. The US has started accepting fully vaccinated travelers at airports and land borders beginning Monday, doing away with a COVID-19 restriction that dates back to the Trump administration. Meanwhile, the US Energy Information Administration's Short Term Energy Outlook report said that gasoline prices this year and in 2022 are likely to rise slightly more than forecast earlier supported oil prices. Besides, the passage of the $1 trillion US infrastructure bill in Congress and strong Chinese exports data also contributed rising optimism about energy demand.
Benchmark crude oil futures for December delivery rose $2.22 or 2.7 percent to settle at $84.15 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $1.35 or 1.62 percent to settle at $84.78 a barrel on London's Intercontinental Exchange.