Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand.
Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by 0117 GMT while US West Texas Intermediate (WTI) crude futures rose by 19 cents, or 0.2%, to $84.24 a barrel.
“Crude prices still seemed poised to head higher, with some traders waiting for confirmation after both the EIA crude oil inventory shows demand for most products are headed in the right direction, while US production is stable and with OPEC+ sticking to their gradual 400,000 bpd increase plan,” said Edward Moya, senior analyst at OANDA.
