Crude oil futures ended higher on Tuesday as concerns about the outlook for demand eased a bit after the Chinese central bank announced a slew of stimulus measures to boost the nation's economy. The Chinese central bank said it would lower borrowing costs and inject more liquidity into the system that would free up more money for lending. Regulators also unveiled plans to support stable development of the stock market. Further, an escalation in tensions in the Middle East, and reports about formation of a new storm in Gulf of Mexico contributed as well to the rise in oil prices.
Benchmark crude oil futures for November delivery rose $1.19 or 1.7 percent to settle at $71.56 a barrel on the New York Mercantile Exchange. Brent crude for November delivery was up by $1.27 or 1.71 percent to settle at $75.17 a barrel on London's Intercontinental Exchange.