Oil prices edged higher on Tuesday, as a U.S. government agency projected a rosier outlook on the economy, but bearish data on China's crude imports and exports weighed.
Brent crude futures gained 83 cents to settle at $86.17 a barrel. U.S. West Texas Intermediate crude rose 98 cents to $82.92. Both contracts fell by $2 earlier in the session.
Prices reversed course on Tuesday after a monthly report from the U.S. Energy Information Administration projected GDP growth to rise by 1.9% in 2023, up from 1.5% in a previous forecast.
The EIA also expects Brent crude oil prices to average $86 in the second half of 2023, up about $7 from the previous forecast.
U.S. crude production is expected to rise by 850,000 barrels per day to record 12.76 million bpd in 2023, the report added, overtaking the last peak at 12.3 million bpd in 2019.
Source: Reuters
