The crude oil prices continue to rise on Tuesday amid recovery of global capital markets. The futures on US light crude oil reported a price increase of 0.56% to 59.62 USD per barrel, while the Brent variety increased by 0.61% to 62.97 USD per barrel.
With the reassuring of stock exchanges around the world, the investors returned to crude oil, even with increased attention to production. According to the analysts the oil inventories this week will be crucial for future price movements.
The Organization of Petroleum Exporting Countries (OPEC) raised its forecast for world oil demand in 2018 by 60,000 barrels per day compared to its forecast last month to a total of 1.59 million barrels per day. This will lead to a total oil consumption of 98.6 million barrels per day in 2018.
Among the reasons for adjusting the forecast for world demand are the growth in economic activity, the strong demand for fuel for transport needs, and the growing petrochemical industry.
According to OPEC, due to the growth of production outside of the organization, the oil markets will return to balance supply and demand by the end of this year.