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.