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Crude oil futures end higher on Tuesday

16 Nov 2022 Evaluate

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.