Oil rises on healthy demand, supply expectations after OPEC report

Singapore, Nov. 14 (BNA): Oil prices inched up on Tuesday on expectations of healthy market fundamentals, following an OPEC report saying demand remains strong.

 

Brent crude futures gained 23 cents, or 0.28%, to $82.75 a barrel by 0722 GMT. U.S. WTI crude futures climbed 21 cents, or 0.27%, to $78.47 a barrel, Reuters reported. 

 

“Following the heavy sell-off in the market over the last three weeks, oil has managed to find some support … While fundamentals may not be as bullish as initially thought, they are still supportive, with the market likely to be in deficit for the remainder of this year,” ING analysts said.

 

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