Crude oil futures closed higher on Tuesday even as President Donald Trump agreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz. Meanwhile, the American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.719 million barrels in the week ending April 3. In the week prior, US crude oil inventories rose by 10.263 million barrels.
Benchmark crude oil futures for May delivery rose by $0.54 or 0.48% to settle at $112.95 a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased by $0.5 or 0.46% to settle at $109.27 a barrel on London's Intercontinental Exchange.
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