Crude oil futures ended marginally higher on Tuesday amid speculation the fuel market could get tighter this winter. Traders took note of private report that oil prices may hit $90 a barrel at times this winter as gas-to-oil switching drives stockpiles lower. However, Brent crude settled lower after the International Monetary Fund (IMF) trimmed its global economic growth forecast. The IMF said the global economy is losing momentum. It now sees global growth of 5.9% this year, down one-tenth of a percentage point from July. It also sees growth slowing to 4.9% next year.
Benchmark Crude oil futures for November delivery rose $0.12 or about 0.2 percent to settle at $80.64 barrel on the New York Mercantile Exchange. However, Brent crude for December delivery fell $0.23 or 0.3 percent to settle at $83.42 a barrel on London's Intercontinental Exchange.