WASHINGTON (dpa-AFX) - After posting sharp losses in the previous two sessions, oil prices edged up a bit on Tuesday.
The upside was just marginal due to OPEC lowering the global oil demand forecast for 2025, and the disappointment over a lack of significant Chinese stimulus. The dollar's continued strength hurt as well.
West Texas Intermediate Crude oil futures for December settled higher by $0.08 at $68.12 a barrel.
Brent crude futures closed up $0.06 at $71.89 a barrel.
OPEC has cut its forecast for global oil demand growth this year, and lowered its projection for 2025 as well.
OPEC said global oil demand will likely rise by 1.82 million barrels per day this year, down from an estimated 1.93 million bpd growth projected last month.
For 2025, OPEC has cut its demand estimate to 1.54 million barrels per day, down from the earlier projection of 1.64 million barrels per day.
Markets now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API will release its weekly oil report later today, while the EIA inventory data will be out Wednesday morning.
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