WASHINGTON (dpa-AFX) - Oil prices traded lower on Tuesday after a five-day surge. The downside remained limited amid expectations that a widening Middle Eastern conflict could tighten global crude oil supplies.
Benchmark Brent crude futures dipped 0.4 percent to $81.95 a barrel, after having gained more than 3 percent in the previous session on concerns about a wider conflict in the Middle East and Ukraine's surprise offensive attack on Russia.
WTI crude futures were down 0.2 percent at $79.91 after climbing more than 4 percent on Monday.
Demand worries weighed on oil prices, a day after OPEC cut its forecast for demand growth in 2024 due to softer expectations in China.
According to the OPEC report, world oil demand is expected to rise by 2.11 million barrels per day in 2024, versus 2.25 million barrels per day anticipated in the previous month's report.
The dollar gained after Ukraine said it has seized 1,000 sq km (386 square miles) of Russia's bordering Kursk region and Russian President, Vladimir Putin, vowed a 'worthy response' to the attack.
Meanwhile, the United States said it's preparing for significant attacks by Iran or its proxies against Israel as soon as this week.
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