NEW YORK (AP) -- Shares of oil producers and the companies that help them drill rose on Tuesday as prices for crude rose slightly.
OPEC said oil demand should rise through next year, based on the outlook for global economic growth above 3 percent.
The Organization of the Petroleum Exporting Countries said its member countries produced 31.4 million barrels of oil per day in August. That's 254,000 per day more than in July. OPEC said global demand will rise by 900,000 barrels per day this year and another 800,000 barrels per day in 2013.
Meanwhile, investors were waiting for this week's meeting of the Federal Reserve, in which policy makers could approve additional measures to spur the economy. Economic stimulus could, in turn, boost demand for oil.
The benchmark price for U.S. crude oil rose above $97 per barrel, before slipping a bit to $96.97.
In afternoon trading, shares of Exxon Mobil Corp. rose 12 cents to $89.60; Chevron Corp. gained 33 cents to $114.30; BP PLC added 54 cents to $42.58; Royal Dutch Shell gained 76 cents to $71.74; and ConocoPhillips picked up 27 cents to $56.45.
Among oilfield-services companies, Halliburton Co. added $1.10, or 3.2 percent, to $35.37; Baker Hughes Inc. added 66 cents to $47.31; and Schlumberger Ltd. gained 92 cents to $73.61.