West Texas Intermediate (WTI) U.S. crude futures lost 79 per cents per barrel, or 1%, to close at $77.84 a barrel, reversing small gains in the previous session. Oil prices rallied after the Organization of Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid U.S. fuel demand this summer. Russia pledged to meet its output obligations under the OPEC+ pact, after saying it exceeded its quota in May. The U.S. Federal Reserve held interest rates steady and pushed out the start of rate cuts to as late as December.