Oil prices rise as firm demand counters oversupply

Crude oil prices rose on Tuesday due to firm demand after dipping in earlier trade on expectations that OPEC would not cut output at its meeting this week.

The Organization of the Petroleum Exporting Countries (OPEC), which controls over 40 percent of the world’s crude production, meets this Friday in Vienna, with US bank Citi saying the group was likely to maintain current output.

Front-month Brent crude futures fell to a low of $64.71 per barrel on Tuesday, before rising to $65.12 by 0700 GMT.

US crude was at $60.40 a barrel, up 20 cents from its last settlement.

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Posted in: Indian Market Tips