Oil prices rebound sharply after nine-day slide

OPEC predicts energy demand will rebound faster than earlier expected

NEW YORK - Oil prices rose Tuesday for the first time in nine days with OPEC predicting energy demand will rebound faster than it had previously thought.

Benchmark crude for January delivery added $1.18 to settle at $70.69 a barrel on the New York Mercantile Exchange. In London, Brent crude for January delivery rose 16 cents to settle at $72.05 a barrel on the ICE Futures exchange.

Prices headed upward just after the Organization of Petroleum Exporting Countries said it expected the world would consume 70,000 barrels more crude next year than previous estimates.

http://www.msnbc.msn.com/id/12400801/ns/business-oil_and_energy/