NEW YORK, March 12 (Xinhua) -- Crude prices advanced on Tuesday while traders anticipated that the demand would pick up as U.S. economy recovery takes shape.
The optimistic U.S. employment figures have spread a bullish tone across the oil market. The U.S. jobless rate of February fell to a four-year low of 7.7 percent. U.S. employment rose 236,000 in February after a revised 119,000 gain in January, which is far more than market expectation. Traders anticipated that the demand would strength in the global largest economy.
No major U.S. economic data were released in the trading day. The Treasury Department will hold three-year bill and four-week bill auctions later in the day.
The U.S. Energy Information Administration cut its oil price and global consumption projections for 2013 in its monthly outlook on Tuesday.
It forecast that West Texas Intermediate oil would average 91. 92 dollars a barrel this year, and would average 92.17 dollars in 2014.
The EIA cut its forecast for global oil consumption this year to 90.13 million barrels per day from 90.21 million barrels estimated last month. World demand will climb to 91.53 million in 2014.
The Organization of the Petroleum Exporting Countries (OPEC) also released a monthly report Tuesday, projecting the 2013 demand will expand by 840,000 barrels to 89.7 million barrels per day.
Light, sweet crude for April delivery advanced 48 cents, or 0. 52 percent, to settle at 92.54 dollars a barrel on the New York Mercantile Exchange.
While Brent crude for April delivery fell 76 cents, or 0.66 percent, to close at 110.12 dollars a barrel, dragged by the uncertainty in Eurozone.
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