Oil prices edge up amid strong demand

NEW YORK, Dec. 5 (Xinhua) -- Oil prices edged higher on Tuesday amid strong demand and a deal to extend oil output cuts.

Analysts said faster-than-expected growth in demand has driven oil prices higher this year and now investors' demand remains strong.

Goldman Sachs Group predicted later Monday that oil prices will retain their strength, at least through 2018.

The investment bank raised its forecast for 2018 Brent and WTI to 62 U.S. dollars and 57.5 dollars a barrel, respectively, as OPEC (Organization of the Petroleum Exporting Countries) and its allies showed a stronger commitment than expected to extending their output curbs.

OPEC and non-OPEC oil producers decided last week to prolong the production cuts for an additional nine months.

Twenty-four countries decided to maintain production cut of about 1.8 million barrels per day (bpd) until December 31, 2018, said Khalid Al-Falih, Saudi Arabian Minister of Energy, Industry and Mineral Resources.

The West Texas Intermediate for January delivery increased 0.15 U.S. dollar to settle at 57.62 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery rose 0.41 dollar to close at 62.86 dollars a barrel on the London ICE Futures Exchange. Enditem