Investing.com - Crude oil futures rose in early Asian trade Tuesday, aided by a rebound on Wall Street and a commitment from the U.S. Federal Reserve to maintain its easy money policy.
On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at USD81.22 a barrel during early Asian trade, up 0.06%, after hitting a daily low of USD81.06.
Oil prices have been down USD13 a barrel since the beginning of August.
Brent and U.S. crude futures recovered from lows Tuesday, mirroring the rocky performance of U.S. stocks that ended the trading sharply higher after Monday’s more than 6% plunge.
Meanwhile, in its monthly report Tuesday, the Organization of Petroleum Exporting Countries lowered its forecast for oil demand throughout this year and into 2012.
The OPEC report cited “economic worries along with high oil prices” as having reduced demand in developed countries, leading to weaker than expected consumption during the summer driving season.
OPEC forecast oil demand to grow 1.2 million barrels a day in 2011, 150,000 barrels fewer than in its previous report. Its 2012 forecast of growth in world oil demand stood at 1.3 million barrels a day.
Later in the day, the U.S. Energy Department‘s Energy Information Administration maintained its forecast for global oil demand for 2011 and 2012, saying world consumption would grow by 1.4 million barrels a day in 2011, and 1.6 million barrels a day in 2012.
On the ICE Futures Exchange Brent oil futures for September delivery fell 0.36% to trade at USD104.35.
The U.S. Energy Information Administration was scheduled to release weekly crude oil and gasoline inventory figures on Wednesday.
On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at USD81.22 a barrel during early Asian trade, up 0.06%, after hitting a daily low of USD81.06.
Oil prices have been down USD13 a barrel since the beginning of August.
Brent and U.S. crude futures recovered from lows Tuesday, mirroring the rocky performance of U.S. stocks that ended the trading sharply higher after Monday’s more than 6% plunge.
Meanwhile, in its monthly report Tuesday, the Organization of Petroleum Exporting Countries lowered its forecast for oil demand throughout this year and into 2012.
The OPEC report cited “economic worries along with high oil prices” as having reduced demand in developed countries, leading to weaker than expected consumption during the summer driving season.
OPEC forecast oil demand to grow 1.2 million barrels a day in 2011, 150,000 barrels fewer than in its previous report. Its 2012 forecast of growth in world oil demand stood at 1.3 million barrels a day.
Later in the day, the U.S. Energy Department‘s Energy Information Administration maintained its forecast for global oil demand for 2011 and 2012, saying world consumption would grow by 1.4 million barrels a day in 2011, and 1.6 million barrels a day in 2012.
On the ICE Futures Exchange Brent oil futures for September delivery fell 0.36% to trade at USD104.35.
The U.S. Energy Information Administration was scheduled to release weekly crude oil and gasoline inventory figures on Wednesday.