WASHINGTON (dpa-AFX) - Oil futures settled higher on Tuesday, gaining for a fourth straight session, amid expectations energy demand will pick up after China decided to reopen its economy.
U.S. government's forecast that global petroleum consumption will hit a record next year, helped as well.
West Texas Intermediate Crude oil futures for February ended higher by $0.49 or about 0.7% at $75.12 a barrel.
Brent crude futures are up $0.52 or 0.66% at $80.21 a barrel.
The U.S. Energy Information Administration (EIA) says in its Short-Term Energy Outlook that it expects global consumption of liquid fuels will reach 102.2 million barrels per day next year.
Investors also looked aead to weekly oil inventory data from the American Petroleum Institute (API) and Energy Information Administraion (EIA).
The API's report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX