Crude oil futures ended higher on Tuesday after 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.
Benchmark crude oil futures for July delivery higher $0.16 or 0.20% to settle at $77.90 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up $0.29 or about 0.39% to $81.92 per barrel on London's Intercontinental Exchange.