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Crude Oil Bouncing Around $48 As OPEC Sees Stronger Demand

Crude oil inched higher Tuesday morning, adding to yesterday's gains amid signs that OPEC will further extend its supply quota plan.

OPEC and its allies are discussing extending the oil production cuts that expire in March 2018 by more than three months, Bloomberg reports.

The cartel said its production fell in August, and also revised higher its global oil demand growth forecasts for this year.

WTI light sweet oil was up 17 cents at $48.24 a barrel.

U.S. inventories data will be closely watched over the next two days amid uncertainties over the impact of recent hurricanes.

by RTT Staff Writer

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