WASHINGTON (dpa-AFX) - Oil prices edged higher in choppy trade on Wednesday after ending lower the previous day to snap a three-session winning streak.
Brent crude futures for November delivery rose 0.2 percent to $93.32 in choppy trade, while WTI crude futures for October settlement were up 0.1 percent at $87.41.
The rebound comes after OPEC maintained its forecast for strong growth in global oil demand in 2022 and 2023, despite headwinds such as surging inflation and renewed Covid lockdowns in China, the world's largest oil importer.
Oil demand will increase by 3.1 million barrels per day (bpd) in 2022 and by 2.7 million bpd in 2023, OPEC said in a monthly report, leaving its forecasts unchanged from last month.
Meanwhile, traders shrugged off industry data showing a large crude inventory build last week.
The American Petroleum Institute (API) reported a build last week for crude oil of just over 6 million barrels, while analysts had predicted a draw of 200,000 barrels.
Official data from the Energy Information Administration is due later in the session.
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