Increased demand forecast by the Organization of the Petroleum Exporting Countries helped drive up the price of West Texas Intermediate crude oil futures on Tuesday, according to Bloomberg.
The energy commodity pushed to its highest price in more than seven days as OPEC noted its daily supply this year will be roughly 29.8 million barrels per day. That represents an increase of 0.3 percent from estimates issued last month.
“OPEC’s statement that they will need to pump an additional 100,000 barrels this year and the upcoming IAEA inspections in Iran will be followed, but currency issues are the main driver today,” futures division director Bob Yawger with Mizuho Securities USA Inc. in New York told the news source on Tuesday. “The G-7 announcement has pushed us into positive territory.”
At 12:58 p.m. on Tuesday, WTI crude oil futures rose 0.45 percent, a 44-cent lift to $97.47 per barrel. At 12:57 p.m., Brent crude oil futures gained 0.18 percent, a 21-cent increase to $118.29 per barrel.
The Wall Street Journal reports the energy commodity gained as the U.S. dollar lost value on Tuesday.
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