Oil prices held near a two-week low on Tuesday after a 5% drop over two sessions, pressured by OPEC’s lowered demand forecast, a strong U.S. dollar, and underwhelming Chinese stimulus measures. Brent rose 6 cents to $71.89, and U.S. WTI gained 8 cents to $68.12, stabilizing after Monday’s lows.
OPEC cut its 2024 demand growth forecast to 1.82 million barrels per day (bpd) and its 2025 estimate to 1.54 million bpd. China’s demand remains weak despite recent stimulus, and Trump’s potential tariffs on China could further limit oil demand. Additionally, a strong dollar has made oil more expensive globally, further dampening demand.