Crude oil futures gained on Tuesday on the news of European officials reaching at a decision to tackle European debt situation.

Crude oil futures for November delivery jumped 5.3 percent or $4.21 to settle at $84.45 per barrel on New York Mercantile Exchange.

Strategist from Commerzbank commented, “The main reasons [for the gains] are a change of sentiment on financial markets, reflected in rising equity markets and a somewhat weaker U.S. dollar, The downside risks for the economy and oil demand have not disappeared overnight, so a renewed price fall cannot be ruled out.”

Oil also moved on a upbeat note after release of US consumer confidence which surged to 45.4 for the month of September as compared to 45.2 for the month of August. Gasoline futures contract for October delivery advanced 4.9 percent or $0.13 to $2.70 pr gallon. Heating oil futures contract for October gained 3.1 percent or $0.09 to $2.88 per gallon while natural gas futures contract for October delivery gained 1.2 percent or $0.04 to $.83 per million British thermal units.