Oil futures are trading to the upside during Wednesday’s Asian session after getting a lift from an unchanged global demand outlook report from the Organization of Petroleum Exporting Countries.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.18% to USD92.71 per barrel in Asian trading Wednesday. Crude settled up 0.86% at USD92.85 a barrel on Tuesday in the U.S.
On Tuesday, OPEC said its 2013 demand forecast, calling for an increase of 800,000 barrels per day, is unchanged. However, the 12-nation cartel that accounts for 40% of global oil output, said it expects non-OPEC supply of 1 million barrels per day will cut into its market share.
Also on Tuesday, the U.S. Energy Information Administration slightly lowered its 2013 forecast for Brent crude to USD108 per barrel from USD109.