Crude oil futures ended higher on Tuesday amid expectations of pick up in oil demand in the U.S. driving season, and on hopes the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, will decide to extend their production cuts into the next quarter. It is widely expected that OPEC+, which is set to meet on June 2nd, will extend voluntary output cuts of 2.2 million barrels per day into the second half of the year.
Benchmark crude oil futures for July delivery rose $2.11 or about 2.7% to settle at $79.83 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $1.30 or about 1.58% to $84.18 per barrel on London's Intercontinental Exchange.