US oil prices rose this afternoon, lifted by an expected fall in US crude stockpiles and better than expected US retail sales data.
The market was awaiting the weekly crude inventory report from the American Petroleum Institute (API) later tonight.
Prices were little changed after OPEC left its 2010 oil demand forecast unchanged, saying evidence of an impending upturn in the world economy appeared to be gathering but that recovery would be gradual.
US crude rose 20 cents to $69.06 a barrel, while Brent was down 60 cents to $66.84. Trade in Brent was distorted by the expiry of the contract at the close of business on Tuesday.
Earlier, OPEC said world oil demand would decline slightly in 2009 but start growing again next year.
World oil demand in 2009 this year was expected to contract by 1.56 million barrels per day (bpd) to 84.05 million bpd, OPEC said in its September report. A month ago, OPEC had been pencilling in a fractionally bigger fall of 1.65 million bpd for this year.
Improved economic activity in the US last month was helping world oil demand to stabilise, OPEC said. On top of this, oil demand was strong in developing countries such as China, India and the Middle East.
