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Crude oil futures end higher as dollar drops

21 Dec 2022 Evaluate

Crude oil futures ended higher on Tuesday on account of softer dollar and a U.S. plan to restock petroleum reserves. The US announced a plan to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve following this year's record release of 180 million barrels from the stockpile. However, upside remained capped as a worsening outlook for a major U.S. winter storm sparked fears that millions of Americans might curb travel plans during the holiday season.

Benchmark crude oil futures for January delivery gained $0.89 or 1.18 percent at $76.9 a barrel on the New York Mercantile Exchange. Brent crude for February added $0. 19 or 0.2 percent to settle at $79.99 a barrel on London's Intercontinental Exchange.