Oil is climbing as analysts ratchet up price forecasts for next year as supplies get tighter, AP reported. Benchmark West Texas Intermediate crude on Tuesday rose $1.27 to $96.21 per barrel on the New York Mercantile Exchange. In London, Brent crude added $1.59 to $112.98 per barrel on the ICE Futures exchange. Prices have recovered from a late-June tumble when the U.S. and other members of the International Energy Agency announced they will release 60 million barrels of oil into the market. Analysts say the move by IEA shows that non-OPEC nations are worried at keeping up with growing world demand. Barclays Capital increased its forecast for Brent crude by $10 to $115 per barrel in 2012. Meanwhile, U.S. retail gasoline prices hit $3.562 per gallon. -- SPA
