NEW YORK - Oil prices ticked higher yesterday as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved.
Benchmark crude for December delivery added 23 cents to settle at $79.28 a barrel on the New York Mercantile Exchange.
In London, Brent crude for December delivery rose 45 cents to $77.95 on the ICE Futures exchange.
The Organization of Petroleum Exporting Countries revised its previous estimates for global oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month’s estimate.
But OPEC also warned that higher oil prices “could dampen world oil demand in the coming year.’’
The reports pushed oil higher despite indications that US crude supplies are growing.
Late Tuesday, a survey from the American Petroleum Institute said US oil stockpiles grew last week by 1.2 million barrels, more than analysts expected.
The Energy Information Administration is scheduled to release its weekly supply data today.
