Crude oil futures ended higher on Tuesday, magnifying their recent gains. The decision of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, to cut crude production by an additional 1.16 million barrels from May till the end of this year, continued to support oil prices. Meanwhile, investors now await weekly inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
Benchmark crude oil futures for May delivery rose $0.29 or nearly 0.4 percent to settle at $80.71 a barrel on the New York Mercantile Exchange. Brent crude for June delivery added $0.01 to settle at $84.94 a barrel on London's Intercontinental Exchange.