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(Reuters) - Oil prices rebounded slightly on Wednesday on short-covering a day after they fell near a two-week low on OPEC's reduced demand forecast, but gains were limited as the dollar hit a seven-month high.
Brent crude futures settled up 39 cents, or 0.5%, to $72.28 a barrel. U.S. West Texas Intermediate crude (WTI) futures gained 31 cents, or 0.5%, to $68.43.
On Tuesday, the benchmarks closed at their lowest level in nearly two weeks after the Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecasts for 2024 and 2025, citing weak demand in China, India, and other regions. It was the producer group's fourth straight downward revision for 2024.
"The forecast is no doubt bearish and the market is still digesting it," said Bob Yawger, director of energy futures at Mizuho, adding the market bounced back as some speculative investors tried to recoup losses.
Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S. Energy Information Administration said.
U.S. oil output is now expected to average 13.23 million barrels per day (bpd) this year and global production is set to reach 102.6 million bpd.
Inflation ticked up slightly on an annual basis in October, the latest evidence that while cost increases were coming under control, they were not entirely vanquished.
The Consumer Price Index, released on Wednesday, climbed 2.6 percent from a year earlier, higher than September’s 2.4 percent. And after food and fuel prices were stripped out to give a better sense of the underlying inflation trend, “core” inflation held steady at 3.3 percent.
WTI crude oil prices remained near their November lows, trading around $68.39 per barrel Wednesday morning, as bearish market factors capped any gains during yesterday's session. In the physical market, indicators suggest a supply glut is emerging sooner than expected, while the futures market is displaying signs of oversupply. Additionally, OPEC reduced its demand growth forecasts for the fourth consecutive month, and the strong US dollar made commodities priced in the currency less attractive.
Despite some activity in the physical market supporting the Dated Brent benchmark, the overall outlook for oil remains weak. Global supply is expected to outpace demand next year, and China's latest economic measures fell short of direct stimulus while inflation remains subdued. Traders continue to monitor tensions in the Middle East, the possibility of a second Trump presidency, and OPEC+ production decisions, all of which contribute to the choppy trading environment in the mid-$60s to mid-$70s range.
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