Oil Prices Hold Near 2-Week Low After OPEC Cuts Demand Outlook, Dollar Rises

Nov 12, 2024 – Oil prices remained near a two-week low on Tuesday, following a nearly 5% drop over the past two days. Investors reacted to OPEC’s revised, lower forecast for global oil demand growth, along with a stronger U.S. dollar and a disappointing stimulus plan from China.

By 1:22 p.m. EST (1822 GMT), Brent crude futures were up 24 cents, or 0.3%, at $72.07 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 29 cents, or 0.4%, to $68.33 per barrel. Despite the small gains, oil prices remained under pressure as market sentiment weakened.

The latest developments have raised concerns about future demand growth, especially from major economies like China, and have added volatility to global oil markets.