Crude oil futures ended sharply higher on Tuesday as concerns about outlook for energy demand eased a bit after the Chinese central bank announced that it would support small businesses and industries affected by the pandemic. The People's Bank of China said it will step up the prudent monetary policy's support to the real economy, especially for industries and small businesses hit hard by the pandemic. The central bank said it will promote healthy and stable development of the financial markets and provide a good monetary and financial environment. Further, short-covering after recent sharp losses contributed as well to the rise in oil prices.
Benchmark crude oil futures for June delivery surged $3.16 or $3.2 percent to settle at $101.70 a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained $2.67 or 2.6 percent to settle at $104.99 a barrel on London's Intercontinental Exchange.