Oil prices continued to rise Tuesday as traders started to buy after sharp decline of last week.
The U.S. energy Information Administration (EIA) will release the inventories data of last week Wednesday. Traders expected the stockpiles to decrease by 0.5 million barrels.
Oil prices plunged last week since the he Organization of the Petroleum Exporting Countries (OPEC) on Dec. 4 decided to keep crude production pumping at current level in the already oversupplied market.
The cartel's output is accounted for around 40 percent of the global crude output. In November, OPEC production rose by 230,000 barrels per day from the previous month to average 31.70 million barrels per day, according to OPEC monthly oil market report released Thursday.
The West Texas Intermediate for January delivery moved up 1.04 U.S. dollars to settle at 37.35 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 53 cents to close at 38.45 dollars a barrel on the London ICE Futures Exchange.
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