Oil prices jump amid increasing demand

New York: Oil prices surged on Tuesday as market expected US refiners to consume more crude after maintenance season.

The West Texas Intermediate for December delivery moved up $1.76 to settle at $47.9 a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased $1.75 to close at $50.54 a barrel on the London ICE Futures Exchange.