Crude oil futures end higher on rising demand for fuel oil

Crude oil futures ended higher on Tuesday on rising demand for fuel oil and diesel due to severe energy crisis in China and several parts across Europe. The Organization of the Petroleum Exporting Countries (OPEC) and allies' decision to stick to their plan of increasing output only gradually, and reports that a few oil producers are unlikely to meet current output targets contributed as well to oil's uptick. Besides, falling temperatures in the northern hemisphere has resulted in increased demand for oil, coal and natural gas, pushing up prices of these products. Meanwhile, traders were looking ahead to weekly oil report from US Energy Information Administration (EIA). The EIA is scheduled to release its inventory data Wednesday.

Benchmark Crude oil futures for November delivery rose $0.52 or about 0.6 percent to settle at $82.96 barrel on the New York Mercantile Exchange. Brent crude for December delivery surged $0.65 or 0.77 percent to settle at $84.98 a barrel on London's Intercontinental Exchange.