FRX : Crude Oil Modestly Higher After OPEC Raises Demand Outlook
(RTTNews) - Oil backed off its highs of the day, but remain moderately higher in Tuesday morning trading. Prices had earlier hit a six-week high on improved demand hopes.
Light sweet crude for November edged up to $73.60, up 33 cents on the day. Prices reached as high as $74.47 earlier in the session.
In its October Monthly Oil Market Report, the Organization of Petroleum Exporting Countries predicted crude oil demand will rise by 700,000 barrels to 84.9 million barrels per day in 2010. This is up 200,000 from OPEC's previous forecast.
The dollar staged a modest rebound after it had earlier extended a yearly low to 1.4875 against the euro. The greenback also saw choppy trading against the pound, yen and loonie.
Tuesday is a quiet day on the economic front. Traders will watch for remarks from Fed officials Donald Kohn and William Dudley as well as the release of the Treasury Department's September budget.
The Energy Information Administration's weekly inventory report will be released on Thursday this week, a day later than normal because of the Columbus Day holiday.
