Crude oil futures ended higher on Tuesday on hopes the Chinese government will consider relaxing its zero-Covid policy sometime soon. China reported the first decrease in new Covid infections in more than a week on Monday, generating some positive sentiment. Chinese health officials also released a plan to boost vaccinations for elderly people and said they are closely watching the virus as it evolves and mutates. Further, investors are also hoping the Organization of the Petroleum Exporting Countries and their allies, known collectively as OPEC+, will look to support prices. The group is scheduled to meet later this week.
Benchmark crude oil futures for January delivery rose $0.96 or about 1.2 percent at $78.20 a barrel on the New York Mercantile Exchange. Brent crude for January delivery gained $0.68 or about 0.82 percent to settle at $84.57 (Provisional) a barrel on London's Intercontinental Exchange.