Earlier on Tuesday, OPEC released its 2019 World Oil Outlook, in which the producer group said it would supply a diminishing amount of oil in the next five years as output of USA shale and other rival sources expanded.
USA shale-oil output will climb more than 40% to reach 17 million barrels a day by 2025, or 3.1 million a day more than projected in OPEC's report previous year.
U.S. crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 25 stayed at 12.6 million bpd for the fourth week in a row-the highest production level that the United States has seen.
"There's nothing but bearishness in the EIA report", said Bob Yawger, director of futures at Mizuho in NY.
The West Texas Intermediate (WTI) for December delivery increased USD0.69 to set at USD57.23 per barrel on the New York Mercantile Exchange.
Brent was trading up $0.63 (+1.01%) at $62.76, up a bit more than $2 per barrel from this time last week. Longer-term, oil demand is expected to increase by 12 million bpd to reach 110.6 million bpd by 2040, also lower than last year's forecast.
Yet the findings of this latest report could make them consider whether the strategy is backfiring, by propping up investment in USA shale drilling and perpetuating an oil oversupply.More news: Vaping, e-cigarettes aren't a 'gateway' to teen smoking, study says
More news: Luciana Berger: Leaving Labour Party was in the 'national interest'
More news: Red Star Belgrade v Tottenham betting odds: Spurs woes continue
"Meanwhile, growth in demand is slowing because of the poorer economic climate".
OPEC, Russia and other producers, a group is known as OPEC+, have implemented a deal to cut oil output by 1.2 million barrels per day from the start of this year.
Data showed Germany's services sector barely grew in October, while euro zone business activity expanded slightly faster than expected but remained close to stagnation. In 2025, the United States will account for one fifth of oil production, the oil cartel now predicts.
OPEC Secretary General Barkindo noted in the foreword: "There is no doubt this historic cooperation between OPEC and non-OPEC producing nations will be vital in the years and decades ahead".
"Accordingly, conditions are ripe for tensions in the region to escalate and for the geopolitical risk premium to strike back with a vengeance".
"It also emphasizes OPEC's focus on the enhancement of dialogue and cooperation, most recently through the historic "Declaration of Cooperation" and the recently endorsed "Charter of Cooperation" between 24 OPEC and non-OPEC producers, as a means to help secure a sound and stable oil industry".