Crude oil futures ended sharply higher on Tuesday on possible supply shortage after China decided to reject imports from Iran and Russia. Further, the National Weather Service's forecast that several states in the U.S. will likely be colder in the next couple of weeks contributed as well to the rise in oil prices. Meanwhile, Saudi Arabia has decided to raise oil prices for Asia in February, hiking prices for the first time in three months.
Benchmark crude oil futures for February rose $0.69 or about 0.94 percent to settle at $74.25 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged $0.75 or about 1 percent to settle at $77.05 a barrel on London's Intercontinental Exchange.
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