Oil rises above $ 96 a barrel (AP)

NEW YORK – oil is climbing as analysts ratchet on price forecasts for the coming year as supplies get closer.

Benchmark West Texas Intermediate crude Tuesday, rose $ 1.27 at $ 96.21 per barrel on the New York Mercantile Exchange. In London, Brent crude added $ 112.98 $ 1.59 a barrel on the ICE Futures exchange.

Prices have recovered from a fall at the end of June, when the United States and other members of the International Energy Agency has announced it will release 60 million barrels of oil in the market. Analysts say the move by the IEA shows that non-OPEC nations are worried that Saudi Arabia will have trouble keeping up with the growing global demand.

Barclays Capital increased predictions for Brent crude oil from $ 10 to $ 115 per barrel in 2012.

Meanwhile, gasoline prices retail U.S. hit $ 3,562 per gallon.

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