WASHINGTON (dpa-AFX) - Oil prices rose about 1 percent on Wednesday, after having fallen by more than 5 percent at the start of the week, pressured by low economic activity in leading crude importer China.
Benchmark Brent crude futures climbed 0.9 percent to $72.53 a barrel in European trade, while WTI crude futures were up 0.9 percent at $68.75.
After OPEC downgraded its global oil demand growth forecasts, investors now eye updated forecasts from the International Energy Agency (IEA), due Thursday.
In its monthly report on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said world oil demand would rise by 1.82 million barrels per day (bpd) in 2024, down from growth of 1.93 million bpd forecast last month due to weakness in China.
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.
U.S. weekly inventory reports have been delayed by a day following Monday's Veterans Day holiday.
The American Petroleum Institute will publish its weekly oil report later today while inventory data from the U.S. Energy Information Administration will be out on Thursday.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
