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Crude oil futures end higher on Tuesday

28 Dec 2022 Evaluate

Crude oil futures ended higher on Tuesday on fears over supply disruptions due to winter storm Elliott, and China's decision to ease travel restrictions. Oil prices were also supported by reports Russia might cut oil output early next year. Also, Russian President Vladimir Putin announced a ban on the sale of oil which would allow exports to countries imposing a price cap only in the case of a special exemption from the Kremlin.

Benchmark crude oil futures for February delivery rose $0.18 or 0.21 percent at $79.73 a barrel on the New York Mercantile Exchange. Brent crude for February surged $0.41 or 0.5 percent to settle at $84.33 a barrel on London's Intercontinental Exchange.

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