Crude oil futures jumped on Tuesday as investors and most of the analysts foresee higher global demand for oil due to sluggish US economy and Greece’s debt crisis.

Crude oil futures contract for August delivery jumped 2.5 percent or $2.28 to $92.89 per barrel on New York Mercantile Exchange. The surge on Tuesday was the highest since May 18^th, 2011.

Alexander Poejel form JBC Energy commented, “There’s a lot of uncertainty at the moment, but the two major things are the euro zone and the future of the U.S. economy after (the second round of quantitative easing).”

Investors were mainly mixed on lots of factors in the market such Greece’s economic growth, sluggish US economy and latest data on oil inventories by International Energy Agency. Moreover US Federal Reserve’s QE2 program is also about to end in one more day which was implemented to boost liquidity in the country’s financial system.

In London Brent crude futures contract for August delivery also gained $2.79 to $108.78 per barrel on ICE Futures Exchange.

Most of investors are now keenly waiting for data on oil inventories. Analysts are expecting a decrease of 1.7 million barrels in crude oil inventories for the current week whereas increase of 700,000 barrels and 1.8 million barrels are forecasted for gasoline and distillates stockpiles.

Among other commodities gasoline futures contract for August delivery surged 2.6 percent or $0.07 to $2.82 per gallon. August heating oil jumped $0.06 to $2.84 per gallon while natural gas futures contract for August delivery gained 2.1 percent or $0.09 to $4.36 per million British thermal units.