Crude oil futures ended higher on Tuesday as traders continued to assess the impact of Ukrainian attacks on Russian refineries on oil supplies. With Ukraine continuing to attack Russian oil facilities, Russian refining capacity has already dropped by about 7% or approximately 370,500 barrels per day. Besides, crude oil prices were also supported by Iraq's decision to reduce crude exports to 3.3 million barrels per day in the coming months, in order to comply with its OPEC+ quota.
Benchmark crude oil futures for April delivery rose $0.75 or about 0.90% to settle at $83.47 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged by $0.49 or about 0.56% to $87.38 per barrel on London's Intercontinental Exchange.