Oil prices settled higher on Monday as traders are still sniffing the monthly report released by the Organization of the Petroleum Exporting Countries (OPEC).
OPEC raised its forecast for global oil demand in 2018 in its monthly oil market report, indicating strong growth in developed and emerging economies.
"For 2018, oil demand growth is forecast to increase by around 1.65 million barrels a day to average 98.85 million barrels a day," the report said, revising upward from its forecasting last month.
"Geopolitical concerns, tightening product inventories and robust demand provided support for prices," OPEC said in the filing.
Oil service giant Baker Hughes reported on Friday the number of rigs operating in American oil fields rose by 10 to a total of 844. The rig count is a forward-looking indicator on production.
Analysts noted that uncertainties remain in the oil market due to strong global demand expectations, geopolitical tensions and stabilizing U.S. production growth in the second quarter.
The West Texas Intermediate for June delivery rose 0.26 U.S. dollar to settle at 70.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 1.11 dollars to close at 78.23 dollars a barrel on the London ICE Futures Exchange.
OPEC raised its forecast for global oil demand in 2018 in its monthly oil market report, indicating strong growth in developed and emerging economies.
"For 2018, oil demand growth is forecast to increase by around 1.65 million barrels a day to average 98.85 million barrels a day," the report said, revising upward from its forecasting last month.
"Geopolitical concerns, tightening product inventories and robust demand provided support for prices," OPEC said in the filing.
Oil service giant Baker Hughes reported on Friday the number of rigs operating in American oil fields rose by 10 to a total of 844. The rig count is a forward-looking indicator on production.
Analysts noted that uncertainties remain in the oil market due to strong global demand expectations, geopolitical tensions and stabilizing U.S. production growth in the second quarter.
The West Texas Intermediate for June delivery rose 0.26 U.S. dollar to settle at 70.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery rose 1.11 dollars to close at 78.23 dollars a barrel on the London ICE Futures Exchange.
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