Oil edges higher as petroleum demand set to touch record next year

Brent futures rose 45 cents or 0.6%, to settle at US$80.10 a barrel, while US crude ended 49 cents, or 0.6% higher at $75.12 per barrel. — Reuters

HOUSTON,: Oil prices edged slightly higher on Tuesday as the US government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.

Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day in 2024, driven primarily by growth in countries like India and China, reflecting trends in economic activity, the US Energy Information Administration said in its Short-Term Energy Outlook.