Secretary-general of OPEC, Haitham Al-Ghais, said the group is optimistic on demand and sees under-investment as a risk to energy security.
NEW YORK (Reuters) -Oil prices recovered to settle slightly higher on Tuesday after sinking to three-week lows, pressured by a stronger U.S. dollar and darkening global economic signals but supported by tightening crude supply. Brent crude oil futures settled 21 cents higher at $90.92 a barrel, after falling to a session low of $89.50, the lowest since Sept. 8. Prices sank early as the U.S. dollar rose to a 10-month high against a basket of major peers after U.S. job openings data pointed to a still-tight labor market that could prompt the Federal Reserve to raise interest rates next month.
A strong U.S. dollar, profit-taking, inflationary concerns that could dent demand and forecasts that suggest increasing supply all weighed on oil prices today.