Crude oil futures ended in green on Tuesday on concerns the tensions in the Middle East could cause disruptions to oil supply from the region. Further, the Energy Information Administration's report said that oil inventories may drop by 0.8 million barrels per day in the current quarter contributed significantly to the uptick in oil prices. However, It also lowered its U.S. oil demand forecast to 20.39 million barrels per day from its previous forecast of 20.45 million barrels per day.
Benchmark crude oil futures for March delivery surged $0.53 or about 0.73% to settle at $73.31 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $0.60 or about 0.77% to $78.59 per barrel on London's Intercontinental Exchange.