Oil prices held near a two-week low as market awaited key data

International crude oil benchmarks ended Tuesday, November 12, 2024, near two-week lows as traders largely exited the market to digest OPEC's latest downward revision of demand growth projections and await further data. 

Brent crude inched 6 cents higher to settle at $71.89/barrel.

WTI gained 8 cents to close at $68.12/barrel.

Both benchmarks remain near their lowest levels since October 29.

OPEC has now cut its global oil demand growth forecast for 2024, marking the group’s fourth consecutive downward revision, and has also reduced projections for 2025. Market participants are now looking to updated forecasts from the US Energy Information Administration (EIA) and the International Energy Agency (IEA), which are due later this week.

The oil market remains under pressure from persistent demand uncertainties in China, where economic recovery continues to falter, and from the strong U.S. dollar, which has made oil more costly for international buyers.

Written by: Muhammad Hafiz