Crude oil futures ended sharply higher on Tuesday on expectations of higher energy demand from China. The International Energy Agency (IEA) in its report said that China is likely to account for 50% of currently projected global oil demand growth in 2023. Meanwhile, The Organization of the Petroleum Exporting Countries (OPEC) is also optimistic about Chinese oil demand picking up this year. Besides, oil prices also rose on concerns about supply following a massive earthquake in Turkey on Monday. The massive earthquake that rocked Turkey on Monday forced a significant export facility in that country to shutdown.
Benchmark crude oil futures for March delivery rose $3.02 or 4.1 percent at $77.14 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $2.73 or 3.35 percent at $83.72 (Provisional) a barrel on London's Intercontinental Exchange.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: