2023.03.2119:15:00UTC+00Crude Oil Futures Rise For 2nd Straight Day, Settle Sharply Higher

Crude oil prices climbed higher on Tuesday, gaining for a second straight session, amid improving risk sentiment thanks to the coordinated efforts by major central banks to rescue troubled U.S. and European banks.

The dollar was quite subdued today with investors looking ahead to the Federal Reserve's monetary policy announcement on Wednesday.

West Texas Intermediate Crude oil futures for April ended higher by $1.69 or about 2.5% at $69.33 a barrel.

Brent crude futures were up $1.37 or 1.86% at $75.16 a barrel a little while ago.

Traders look ahead to weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). API's report is due later today, while EIA is scheduled to release its inventory data at 10:30 AM ET on Wednesday.

A meeting of key ministers from OPEC+, which includes OPEC members plus Russia and other allies, is scheduled for April 3.