Crude up slightly on Asia data, OPEC forecast

Crude oil prices were slightly higher Wednesday afternoon after the Organization of Petroleum Exporting Countries revised its prediction of global growth in oil demand up by 50,000 barrels per day, even though it said that if prices remain high, demand could be hurt.

New data showing that manufacturing activity was up in China in October and that machinery orders were up in Japan for a second consecutive month also helped, but gains remained low as December contracts for West Texas Intermediate crude added 16 cents to $79.21 per barrel shortly before the close of floor traded on the New York Mercantile Exchange.

December Brent crude was up 35 cents to $77.86 at last report on the ICE Futures Europe exchange in London.

Gains were held back by a strengthening of the US dollar after it earlier fell to its lowest level in a year and a quarter.

Meanwhile, the price of a gallon of gasoline at the pump in the United States was down less than a cent to $2.654 per gallon on average, over 40 cents more than last year at the same time.

Weekly US inventory reports from the US Energy Information Administration, usually released on Wednesday, were delayed a day due to the Veteran’s Day holiday in the United States.