Mubasher TV
Contact Us Advertising   العربية

Oil futures edge up on robust demand forecasts

Oil futures edge up on robust demand forecasts

Mubasher: Oil prices rose on Tuesday for a third session on the back of robust demand expectations and the possibility of the unofficial connection OPEC seeks with shale oil producers.

The US crude output recorded 10.057 million barrel per day (bpd) last November, according to the US Department of Energy.

By 7:35 am GMT, Brent crude futures inched up 0.2% to $65.70 per barrel (pb), while Nymax Crude oil went up 0.3% to $62.76 pb.

On Monday, International Renewable Energy Agency (IREA) forecast demand for oil will grow over the next five years, upon which the US is estimated to cover 80% of the global demand.

Meanwhile, ministers from OPEC met with the US shale oil producers yesterday in Houston.