Investing.com - Oil prices rose on Tuesday, as data showed Chinese oil demand likely hit a record high in 2015, but gains looked likely to remain limited after the International Energy Agency said the market should stay oversupplied until at least the end of this year.
Brent crude futures, the global benchmark, traded up 5.46% at $30.11 a barrel at 11.52 GMT. U.S. crude futures were up 2.68% at $31.21 a barrel, maintaining their unusual premium over Brent.
Prices drew support following strong oil data from China where demand in 2015 was at a record 10.32 million barrels a day, up 2.5% from the previous year.
But the upside looked likely to remain limited after the IEA said in its monthly report on Tuesday that unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016.