Investing.com– Oil prices edged higher Tuesday, rebounding after logging steep losses even as a group of top producers once more cut demand growth forecasts.
At 08:20 ET (13:20 GMT), Brent oil futures rose 0.6% to $72.28 a barrel, while West Texas Intermediate crude futures rose 0.7% to $68.52 a barrel.
Both contracts lost over 2% on Monday, having fallen by more than 5% over the previous two trading sessions.
OPEC cuts global demand growth forecasts
The Organization of Petroleum Exporting Countries cut its estimate of global oil demand growth for both this year and next, for the fourth month in a row, citing downward revisions in China and other Asian markets.
OPEC released its monthly market report earlier Tuesday, and its now expects global oil demand to grow by 1.82 million barrels per day this year, down by 107,000 bpd from last month’s assessment.
Total (EPA:TTEF) world oil demand is anticipated to reach 104.0 million bpd in 2024, bolstered by strong transportation fuel …