Crude oil futures ended higher on Tuesday, magnifying their previous session’s rally, on account of concerns about supply disruptions amid the ongoing shutdown of the Keystone pipeline following a massive leak last week. Further, a weak dollar also supported oil prices. Besides, the Chinese government's decision to loosen some Covid-related restrictions helped ease concerns about demand for energy. According to reports, China has withdrawn a state-mandated app used to track whether people had travelled to Covid-stricken areas.
Benchmark crude oil futures for January delivery surged $2.22 or 3 percent at $75.39 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose $2.76 or 3.54 percent to settle at $80.75 (Provisional) a barrel on London's Intercontinental Exchange.