West Texas Intermediate futures for November delivery jumped to $48.55 (+4.95%), while Brent crude advanced to $51.87 (+5.32%) after the Energy Information Administration boosted its 2015 global oil demand forecast by 170K barrels per day (bpd) to 1.34 million bpd. The demand forecast for 2016 was revised higher by 100K bpd to 1.14 million bpd. WTI Oil average price is seen at $49.53/barrel this year compared to the previous forecast of 49.23/barrel. Forecasts for the 2016 WTI average and Brent average remained unchanged at $53.57/barrel and $58.57/barrel respectively.

The EIA will release its inventories data later today. Meanwhile the American Petroleum Institute reported on Tuesday that U.S. crude-oil inventories are likely to have shrunk by 1.2 million barrels in the past week.