Oil Closes Higher on Hopes for Improved Demand Outlook

Oil prices finished higher on Tuesday supported by an increase in Chinese imports last month, which helped improve the outlook for global demand recovery.

Brent crude futures for December delivery rose by 73 cents, or 1.8%, to settle at $42.45 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for November delivery gained 77 cents, or 2%, to restore the $40 mark and close at $40.20 per barrel.