Crude oil prices were a bit higher Tuesday morning, even after the the International Energy Agency warned that OPEC will act to keep prices low for the forseeable future.
“A lasting switch in OPEC production strategy in favor of securing a higher share of the oil market mix” will keep prices below $50, the IEA said in its World Energy Outlook.
On the other hand, global energy use will shoot up 30 percent over the next 25 years, thanks in large part to China.
WTI crude oil inventories rose 22 cents to $44.15 a barrel, trimming recent losses.
On the economic front, the Labor Department is due to release its report on export and import prices at 8:30 am ET.
The material has been provided by InstaForex Company – www.instaforex.com