Oil prices hit two-week high

Global oil prices rebounded to a two-week high on Tuesday (Wednesday, March 13) in line with the falling dollar and as traders snapped up bargain crude following recent losses. The OPEC oil cartel also held its 2013 global crude demand forecast, with US demand expected to be flat after two years of falling and Japanese consumption roughly at the same level as well. The Organization of Petroleum Exporting Countries, which accounts for 35% of global supply, projected in its March monthly report average 2013 demand of 89.7 million barrels per day, up 0.8 million from 2012.

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