Crude oil futures ended sharply higher on Tuesday, extending their previous session’s losses, amid hopes the latest stimulus move by China will help push up demand for the commodity. China reduced its benchmark lending rates by 25 basis points on Monday as the economic growth slowed further amid persistent deflationary pressures. Meanwhile, Market participants now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
Benchmark crude oil futures for November delivery rose $1.53 or about 2.16 percent to settle at $72.09 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $1.54 or about 2.1 percent to settle at $75.83 a barrel on London's Intercontinental Exchange.