BANGKOK (AP) — The price of oil rose slightly today, adding to gains a day after OPEC upgraded its forecast for global crude demand.
Benchmark oil for March delivery was up 8 cents to $97.59 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 48 cents to finish at $97.51 per barrel on the Nymex on Tuesday after OPEC raised its 2013 forecast for global oil demand to 89.7 million barrels. That's 80,000 barrels more than its previous forecast a month ago.
The Vienna-based organization comprising many of the world's key oil exporters cited "some signs of recovery in the global economy and colder weather at the start of this year."