Crude future rose on Tuesday in spite of the forecasts of slower demand from the International Energy Agency and OPEC’s debate on the addition of 500,000 bpd to its current quota.

May crude rose $0.26 to $53.97 a barrel.

The International Energy Agency believes the slowdown in China’s explosive growth will bring down the oil prices, against the backdrop of rising stockpiles and surging production.

U.S. gasoline stockpiles that drive the price in the summer months are higher-than-usual now, and will rise as refineries step up output after maintenance.

``Fears of a surge in second quarter Chinese demand are receding, OPEC is raising production and oil stocks are at a higher base than previously reported,’’ the IEA said in its monthly report today. ``There seems less reason for concern.’’

OPEC leading exporter Saudi Arabia will boost production by 500,000 barrels per day next month in an effort to bring down the prices, without waiting for the cartel’s backing. May output in the nation will total 10 million bpd , against the estimate of 9.5 million bpd, report the industry sources.

"We think the Saudis will be pumping an extra 500,000 bpd or more in May," said a high-ranking oil executive.