Crude oil futures bounced back and ended higher on Tuesday amid reports that Saudi Arabia will sharply cut oil production in the face of defiance from fellow OPEC members. The report suggested that Saudi Arabia is considering cutting crude exports by up 1 million barrels a day. Investors also cheered data suggesting that rising global demand for crude could offset some of the current excess supply. A weak US dollar also boosted commodities.

Benchmark crude oil futures for August delivery gained $0.38 or 0.8 percent to $46.40 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.74 at $48.88 a barrel on the ICE.

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