The West Texas Intermediate (WTI) for November delivery added 12 cents to settle at 80.64 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery decreased 23 cents to close at 83.42 dollars a barrel on the London ICE Futures Exchange.
The above moves came as the IMF on Tuesday projected that the global economy would grow by 5.9 percent in 2021, down by 0.1 percentage point from July's forecast, according to the latest World Economic Outlook.
Meanwhile, tight market situation brought about by robust demand and limited supply continue to lend buoyancy to oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, last week decided to step up its oil production only gradually.
"For as long as OPEC+ appears unwilling to counter this by expanding its oil production to a greater extent, this is unlikely to change, and oil prices are likely to continue rising," Carsten Fritsch, energy analyst at Commerzbank Research, said Tuesday in a note.
On Monday, the U.S. crude benchmark and Brent both jumped 1.5 percent.
Latest comments