Crude oil prices moved higher on Tuesday, lifted by an upward revision in energy demand forecast by the Organization of the Petroleum Exporting Countries (OPEC).
Data showing a surge in Chinese imports contributed as well to oil’s uptick.
West Texas Intermediate Crude oil futures for May ended higher by $0.48 or about 0.8% at $60.18 a barrel.
The OPEC today raised its demand forecast by 190,000 barrels a day from its March estimate. The group said in its monthly report that it expects consumption to average 96.46 million barrels a day this year, citing economic stimulus programs and a further easing of lockdown measures.
Data out of China showed oil imports to that country rose as much as 21% in March, compared to the same month last year.
Meanwhile, investors look ahead to weekly crude inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). The API’s report is later today, while the EIA will release its data Wednesday morning.