Crude oil futures ended higher on Tuesday on expectations energy demand will pick up after China decided to reopen its economy. Meanwhile, U.S. government's forecast that global petroleum consumption will hit a record next year, helped as well. The U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook that it expects global consumption of liquid fuels will reach 102.2 million barrels per day next year.
Benchmark crude oil futures for February delivery rose $0.49 or 0.7 percent at $75.12 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $0.52 or 0.66 percent at $80.21 a barrel (provisional) on London's Intercontinental Exchange.