The price of US crude oil futures reached its highest closing price since the end of October 2014 on Tuesday in the early morning of Beijing time. Us natural gas futures closed at their highest level in nearly 13 years on Tuesday due to global supply constraints ahead of the winter heating season.

West Texas Intermediate (WTI) for November delivery on the New York Mercantile Exchange rose $1.31, or 1.7 per cent, to close at $78.93 a barrel, the highest close since late October 2014. Traders expect the crude oil market to maintain a shortage of supply and growing demand, boosting oil prices.

November natural gas futures rose 55 cents, or 9.5%, to close at $6.312 per million British thermal units, the highest recent-month contract closing price since December 2008.