OPEC's higher demand forecast pushes oil prices
Oil prices moved higher on Tuesday, based on positive signals on global oil demand from the Organization of the Petroleum Exporting Countries (OPEC), dpa reported.
Prices were also pushed up by a pledge by the world's seven biggest economies that they would not enter into a competitive race to devaluate currencies.
Futures for Brent oil from the North Sea rose 0.24 dollars to 118.37 dollars per barrel on Tuesday, while US brand West Texas Intermediate climbed 0.48 dollars to 97.51 dollars.
OPEC said global demand would average 89.68 million barrels per day (bpd) this year, "given some signs of recovery in the global economy and colder weather at the start of this year."
The estimate was 130,000 bpd higher than the previous projection.
Finance ministers and central bankers of the G7 group - Britain, Canada, France, Germany, Italy, Japan and the United States - said they would not enter into a "currency war," reacting to Japan's new expansionary monetary policy that aims to boost exports with a weaker yen.
The dollar fell after the announcement, pushing up oil prices. Oil is traded in dollars, and the commodity becomes more attractive for traders outside the United States when the dollar weakens.