WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Tuesday as reports about likely relaxation in China's Zero-Covid policy, and a weak dollar supported the commodity.
Oil prices were also supported by the reduction in OPEC crude output, an upward revision in oil demand forecast by the OPEC, and record U.S. oil export data.
West Texas Intermediate Crude oil futures for December ended higher by $1.84 or about 2.1% at $88.37 a barrel.
Brent crude futures were up $2.05 or 2.21% at $94.86 a barrel a little while ago.
In its monthly report released on Monday, the OPEC raised its forecasts for world oil demand in the medium to longer term. The agency said about $12.1 trillion of investment is needed to meet this demand.
The group revised its previous forecast for 2023 higher by 1.4 million barrels per day, saying that the combination of a more robust recovery than previously expected and a global shift toward prioritizing energy security over an energy transition will drive this demand growth.
According to OPEC, oil demand is seen rising to 108.3 million barrels per day in 2030.
Markets now await weekly crude oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
