Oil Prices Move Higher on Strong Demand

Oil prices rose Tuesday on expectations of continued strong demand and in anticipation that weekly data from the U.S. government will show a decline in crude oil inventories.

“Following the trend of recent weeks, the high rate of refinery utilization should result in a dip in crude inventories, which will help tighten the market,” said Kevin Norrish, head of commodities research at Barclays Capital in London.

Light sweet crude for September delivery climbed 60 cents to $59.60 a barrel in afternoon trade on the New York Mercantile Exchange.