Crude oil futures ended higher on Tuesday after reports that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Further, oil prices were also supported by comments from the International Energy Agency (IEA) that the European Union ban on seaborne Russian crude will results in a likely loss of 1.1 million barrels per day.
Benchmark crude oil futures for December delivery rose $0.94 or about 1.09 percent at $86.81 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $0.72 or about 0.77 percent to settle at $93.86 a barrel on London's Intercontinental Exchange.