Oil prices remained near two-week lows on Tuesday after falling about 5% over two sessions as investors absorbed OPEC's latest cutback to demand growth, a stronger US dollar and disappointment over China's latest stimulus plans.
Brent futures rose 6 cents (0.1%) to close at $71.89 a barrel while U.S. crude oil West Texas Intermediate (WTI) rose 8 cents (0.1%) to close at $68.12.
Earlier in the week, both crudes hit their lowest levels since late October.
According to analysts at energy firm Ritterbusch & Associates, the usual trend in crude oil following a sharp decline will be a rebound in a few sessions.
Additionally, OPEC cut its forecast for global oil demand growth in 2024 and also lowered its forecast for next year marking the producer group's fourth consecutive downward revision.
The group also delayed plans to start ramping up production in December against the backdrop of falling prices.
OPEC in its statement said world oil demand will increase by 1.82 million barrels per day in 2024, which is down from the projected growth of 1.93 million barrels per day last month.
The group also cut its 2025 global demand growth estimate to 1.54 million barrels per day from 1.64 million barrels per day.
They remain at the top of industry estimates and are a long way from matching the International Energy Agency's much lower outlook.
