Crude oil futures ended higher on Tuesday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand. The OPEC+ meet is scheduled to take place on Wednesday. The group is widely expected to keep output level unchanged. Meanwhile, markets looked ahead to weekly inventory reports from the American Petroleum Institute (API) and US Energy Information Administration (EIA).
Benchmark crude oil futures for September delivery rose $0.53 or 0.6 percent to settle at $94.42 a barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $0.41 or 0.41 percent to settle at $100.44 a barrel (provisional) on London's Intercontinental Exchange.