Crude oil futures ended higher on Tuesday as traders continued to react positively to OPEC+’s decision to delay production increases. A weaker dollar, and expectations of increased demand from China contributed as well to the rise in oil prices. Meanwhile, traders also closely monitored the situation in the Middle East and kept an eye on U.S. Presidential election.
Benchmark crude oil futures for December delivery rose $0.52 or about 0.73 percent to settle at $71.99 a barrel on the New York Mercantile Exchange. Brent crude for January delivery surged $0.45 or about 0.6 percent to settle at $75.33 a barrel on London's Intercontinental Exchange.