WASHINGTON (dpa-AFX) - Oil futures settled slightly higher on Tuesday with traders assessing global oil demand and supply outlook, and making largely cautious moves ahead of inventory data, and the Federal Reserve's monetary policy.
West Texas Intermediate crude oil futures for July ended up by $0.16 at $77.90 a barrel.
Brent crude futures were up $0.23 or 0.28% at $81.86 a barrel a little while ago.
The Organization of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Report maintained its demand forecast for the year at 2.2 million barrels per day over 2023 levels, and its 1.2 million bpd forecast for production gains from non-OPEC nations.
Meanwhile, the Energy Information Administration (EIA) said in its report that it expects demand to average 1.1 million barrels per day in 2024.
Investors now await the International Energy Agency's monthly report tomorrow. The EIA and American Petroleum Institute's weekly oil reports are also awaited
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