SUARA NEGERI | JAKARTA — World oil prices were recorded to have risen slightly and remained near a two-week low on Tuesday, November 12, 2024 since OPEC cut its demand projections.
Quoted from Reuters, Brent crude prices rose 6 cents or 0.1 percent to 71.89 US dollars per barrel, while US West Texas Intermediate (WTI) crude prices rose 8 cents or 0.1 percent to 68.12 US dollars.
The previous day, both crude oil benchmarks closed at their lowest prices since October 29.
"The normal trend for crude oil after a sharp decline is to recover to around the middle of the previous day's range within a few sessions," said analysts at energy advisory firm Ritterbusch and Associates in a note.
OPEC cut its forecast for global oil demand growth in 2024 and also lowered its projections for next year, marking the fourth consecutive downward revision from the producer group.
This month, OPEC+ delayed plans to start increasing production in December against the backdrop of falling prices.
"With Chinese demand still sluggish, OPEC's supply-side changes have not had the desired impact other than maintaining the Brent floor at $70," said Gaurav Sharma, an independent oil analyst in London.
OPEC said global oil demand would rise by 1.82 million barrels per day (bpd) in 2024, down from a 1.93 million bpd growth forecast last month.
The group also cut its estimate for global demand growth in 2025 to 1.54 million bpd from 1.64 million bpd.
The dollar has also been boosted by the rally since Donald Trump was declared the winner of the US election.
A stronger US dollar makes oil more expensive in other countries, which can dampen demand. (Anjinsan)