The market would strengthen further as demand increased during the northern hemisphere winter
Oil prices rose slightly in Tuesday as traders in Asia watched U.S. winter weather and anticipated further production cuts by OPEC.
Prices in the last week broke out of the $57 to $62 a barrel band that had held them for nearly two months. On Tuesday, light sweet crude for January delivery was up 16 cents midmorning to $62.60 a barrel in Asian electronic trading on the New York Mercantile Exchange.
Energy analyst Victor Shum said the market would strengthen further as demand increased during the northern hemisphere winter. He predicted that $60 a barrel was the new price floor.