Crude oil futures ended higher on Tuesday as hopes for a strong economic rebound in China offset worries about U.S. interest rate hikes dragging down consumption in the world’s biggest economy. Crude oil prices are expected to rise above $90 a barrel toward the second half of 2023 as Chinese demand recovers and Russian output falls. On Wednesday, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended February 24th.
Benchmark crude oil futures for April delivery surged $1.37 or 1.8 percent to 77.05 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $1.44 or 1.75 percent to $83.89 a barrel on London's Intercontinental Exchange.