NEW YORK, Sept. 11 (Xinhua) -- Crude prices rose on Tuesday as investors kept optimistic ahead of the U.S. Federal Reserve's policy meeting scheduled to start from Wednesday.
The markets were awaiting the Fed's monthly meeting, hoping that the U.S. central bank would adopt a new round of monetary easing policy.
Fed Chairman Ben Bernanke said at the meeting of Jackson Hole, Wyoming, that the Fed was ready to take actions needed to boost the economy, giving hints on potential moves on more stimulus plans.
The dollar weakened against most currencies on the stimulus hopes, which offered further supports to the dollar-denominated crude.
Besides, the rating agency Moody's Investors Service warned that U.S. could lose its triple-A debt rating if the U.S. Congress failed to reach a long-term debt reduction plan in its budget negotiations next year, also posing pressure on the dollar, worsening its devaluation on Tuesday.
Furthermore, investors remained hopeful about Wednesday's German constitutional court ruling on a request to block Germany's approval of the eurozone bailout fund, fueling optimism about a solution of the bloc's debt crisis.
The Organization of the Petroleum Exporting Countries said its member countries produced 31.4 million barrels of oil per day in August, 254,000 more than the level in July. OPEC said global demand will rise by 900,000 barrels per day this year and another 800,000 barrels per day in 2013.
Refineries and offshore oil production in the Gulf of Mexico started to recover gradually after Hurricane Isaac. More supplies limited the oil's gains.
Light, sweet crude for October delivery added 63 cents, or 0.65 percent, to settle at 97.17 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for October delivery gained 59 cents, or 0.51 percent to close at 115.40 dollars a barrel.
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