Crude oil futures ended higher on Tuesday after International Monetary Fund rose its growth forecast for the global economic in 2024. The global economy is now projected to grow 3.1 percent this year, the same as in 2023 but an upgrade from the 2.9 percent expansion forecast in October. Meanwhile, supply concerns also persisted as markets waited for a U.S. response to the deadly attack on American troops in Jordan. Private report said that Republicans in Congress are pressuring President Joe Biden to strike back at Iran in retaliation for the drone attack on Tower 22 in Jordan that killed and wounded U.S. service members.
Benchmark crude oil futures for March delivery rose $1.04 or 1.4% to settle at $77.82 a barrel on the New York Mercantile Exchange. Brent crude for March delivery gained $0.47 or 0.6% to $82.87 per barrel on London's Intercontinental Exchange.