By Gina Lee

Investing.com – Oil was up Tuesday morning in Asia, with the Organization of the Petroleum Exporting Countries (OPEC) . China increased its operating rates in response to a surge in diesel demand.

By 10:30 ET, prices were up 0.2% at $84.95 to $2.5 AM GMT and by 0.24% at $84.25.

Edward Moya from OANDA, a senior analyst at OANDA, said that crude oil prices are still expected to climb higher. He added that traders were waiting for confirmation as to whether the demand for many products is headed in the correct direction and U.S. manufacturing remains steady with OPEC+ continuing their gradual 400,000 bpd rise plan.

The previous week saw the black liquid reach multi-year peak levels. This was due to a rebound in demand after COVID-19 and OPEC + (OPEC+). OPEC and its allies (OPEC+), which continue gradual monthly production increases at 400,000 barrels per daily (bpd) despite major consumer demands for greater supply.

According to Reuters surveys, OPEC pumped 27.50 millions bpd during October 2021. Despite a rise in 190,000. bpd over the month before, this figure still falls below the 254,000 increase allowed under the OPEC+ supply agreement. Increased supplies by producers like Saudi Arabia, Iraq and other countries were partially offset by outages that occurred in smaller producers.

The cartel’s next meeting is scheduled for Nov. 4.

In China, the world’s top oil importer, national oil firms ramped up refinery run rates in order to avert a diesel shortage. The announcement is now being viewed by investors.