February 12, 2013 / 8:11 PM / in 5 years

Brent crude settles higher on raised demand expectations

NEW YORK, Feb 12 (Reuters) - Brent crude futures rose on Tuesday after OPEC in a monthly report raised the outlook for the amount of crude the group expects to need to produce in 2013 to keep supply and demand in balance.

Brent March crude rose 53 cents, or 0.45 percent, to settle at $118.66 a barrel, having traded from $117.81 to $118.90. (Reporting by Robert Gibbons; Editing by Leslie Adler)

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