Crude oil futures ended higher on Tuesday amid expectations of higher demand from China. According to an annual forecast by a research unit of China National Petroleum Corp., China's crude oil imports will likely rise 6.2% this year to 540 million tonnes. Further, easing concerns about global banking sector woes and news about supply disruption risks from Iraq contributed to the jump in oil prices. Meanwhile, Iraq's decision to halt exports from Kurdistan resulted in a loss of 450,000 barrels per day, or about half a percent of global oil supply. Besides, a weaker U.S. dollar helped as well.
Benchmark crude oil futures for May delivery rose $0.39 or about 0.5 percent to settle at $73.20 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged $0.53 or about 0.68 percent to settle at $78.65 a barrel on London's Intercontinental Exchange.