WASHINGTON (dpa-AFX) - Crude oil prices rebounded from early losses and settled higher on Tuesday after a report from the U.S. Energy Information Administration projected U.S. GDP growth to rise by 1.9% this year.
The EIA also expects Brent crude oil prices to average $86 in the second half of 2023, up about $7 from the previous forecast.
The EIA report added that U.S. crude production will likely rise by 850,000 barrels per day to record 12.76 million bpd this year, higher than the 12.3 million bpd four years ago.
West Texas Intermediate Crude oil futures for September ended higher by $0.98 at $82.92 a barrel, coming off a low of $79.90 a barrel.
Brent crude futures were up $0.86 at $86.20 a barrel a little while ago.
Oil prices tumbled earlier in the day after data showing China's exports and imports dropped by 14.5% and 12.4%, respectively, in July, raised concerns about the outlook for growth in the world's largest economy.
Traders now await, weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). The API's report is due later today, while the EIA's weekly inventory data is due Wednesday morning.
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