Share “Oil above $97 as OPEC raises demand forecast”

Oil above $97 as OPEC raises demand forecast

Published on NewsOK Modified: February 12, 2013 at 7:32 am •  Published: February 12, 2013
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Investors will also be monitoring fresh information on U.S. stockpiles of crude and refined products.

Data for the week ending Feb. 8 is expected to show a build of 2.5 million barrels in crude oil stocks, while gasoline stocks are seen remaining unchanged, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.

In London, Brent crude, used to price international varieties of oil, was up 47 cents to $118.60 a barrel on the ICE Futures exchange.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose 1.6 cents to $3.0372 a gallon.

— Natural gas added 2.6 cents to $3.305 per 1,000 cubic feet.

— Heating oil gained 0.71 cent to $3.2386 a gallon.

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Pamela Sampson in Bangkok contributed to this report.