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Oil prices gained Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) warned that prices may jump to 200 dollars a barrel in future without sufficient investment in production.
OPEC General Secretary Abdalla El-Badri said Monday in an interview that oil prices may surge in future if there is no adequate investment.
He said the oil market will be back to balance by a reduction in supply, rather than an increase in demand. There is an oversupply of about 1.5 million barrels a day on the oil market and OPEC is open to a meeting with countries outside the group to tackle the glut.
The OPEC agreed at a meeting on Nov. 27 to maintain its collective output target of 30 million barrels a day.
Saudi Arabia's oil minister discussed on Tuesday with Russian and Norwegian officials about market stability, according to the official Saudi Press Agency.
The U.S. dollar decreased against other major currencies on Tuesday as the country's economic data came out mixed.
A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.
Light, sweet crude for March delivery gained 1.08 U.S. dollars to settle at 46.23 dollars a barrel on the New York Mercantile Exchange,while Brent crude for March delivery increased 1.44 dollars to close at 49.6 dollars a barrel.
