Brent crude oil futures rose 24 cents, or 0.3%, to USD 74.49 a barrel by 0054 GMT. U.S. West Texas Intermediate crude futures dropped 27 cents, or 0.4%, to USD 70.85 per barrel.
Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel would not strike Iranian nuclear and oil sites, easing fears of a supply disruption.
However, concerns about an escalation in the conflict between Israel and Iran-backed militant group Hezbollah persist, with the U.S. on Tuesday saying it opposed the scope of Israel's air strikes in Beirut over the past few weeks.
On the oil demand side, both the Organization of the Petroleum Exporting Countries and the International Energy Agency this week cut their forecasts for global oil demand growth in 2024, with China accounting for the bulk of the downgrades.
The market will be looking out for U.S. crude and fuels inventory data due on Wednesday. Analysts polled by Reuters expected crude stockpiles rose by about 1.8 million barrels in the week to Oct. 11.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
