Crude prices rise as euro rebound against U.S. dollar
Crude prices rose on Tuesday as the euro rebounded against the U.S. dollar, Xinhua reported.
The euro rose on Tuesday against the greenback after slumping on Monday to its lowest level since 2006.
Federal Reserve Chairman Ben Bernanke said Monday that he's hopeful that the U.S. will not fall back into recession. His comments also helped support crude prices on Tuesday.
In a report released on Tuesday, the U.S. Energy Department reduced its global demand growth forecast by 70,000 barrels per day (bpd) to a 1.5 million bpd year-on-year boost in 2010.
The report also cut its forecast for 2010 non-OPEC production growth by 160,000 bpd to 500,000 bpd.
Light, sweet crude for July delivery rose 55 cents, or 0.77 percent, to settle at 71.99 U.S. dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude rose 18 cents to settle at 72.30 dollars a barrel on the ICE futures exchange.