Oil prices extended their gains Tuesday after the Organization of the Petroleum Exporting Countries raised its forecast for oil-demand growth this year. Light, sweet crude for June delivery recently rose $1.74, or 2.9%, to $60.99 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, gained $2.07, or 3.2%, to $66.98 a barrel on the ICE Futures Europe exchange. The cartel of oil producers said in a monthly report released Tuesday that it expects oil demand to increase by 1.18 million barrels a day, an increase of 50,000 barrels a day from its forecast last month. OPEC also raised its expectations for demand for its own oil this year. However, the group still expects its production to exceed demand for its oil next year. Write to Nicole Friedman at [email protected] By Nicole Friedman […]