Crude oil futures ended higher on Tuesday on account of expectations of a rise in demand for fuel after data showed the Chinese economy saw better than expected growth last year. Official data showed that China's GDP grew an annual 2.9% in the fourth quarter, faster than the 1.8% increase street had expected. Meanwhile, oil was bolstered by a weaker U.S. dollar, which fell against most major currencies due to expectations of a possible Bank of Japan policy shift that could be a precursor to adopting a tighter monetary policy.
Benchmark crude oil futures for February delivery rose $0.32 or 0.4 percent at $80.18 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $1.46 or 1.7 percent at $85.92 a barrel on London's Intercontinental Exchange.