Crude oil prices rose higher as OPEC's optimistic monthly report indicated continued growth in global oil demand lifted investor sentiment.
On the New York Mercantile Exchange, crude futures for March delivery rose 0.15% to settle at $ 59.29 per barrel, while in London Intercontinental Exchange, Brent rose 0.08% to trade at $ 62.84 per barrel.
OPEC said it expects world oil demand growth to increase by 1.59 million barrels per day (bpd), up 60,000 barrels per day from its December forecast. The growth of oil cartel's outlook for global oil demand growth reflects a positive economic outlook.
Keeping in mind that the upward revision of non-OPEC output is expected to increase to 59.26 million barrels per day this year, 320,000 bpd higher than last forecast.
The US made more than half of its non-OPEC revisions upward, reaffirming recent data from the AMDAL, which showed that US crude production continued to rise above 10 million bpd last week.
Data from Baker Hughes indicating that oil drilling rigs operating in the US rose to more than a year high also pointed to the possibility of rising domestic oil production as US shale producers capitalized on rising crude prices.
But some OPEC members continue to insist that increased production will not prove to be a "big distorter" of the market.
Some investors seem to be in a position to continue the hike in oil prices since the data Commodity Futures Trading Commission showed net speculative position buyback in crude oil up nearly 5,000 contracts net long to 739 100 contracts, according to the Commitment of Trade (COT) version. .
Investors awaiting fresh weekly inventory data this week are expected to show crude supply rose for the third week in a row.