OPEC cut its forecast for global oil demand growth in 2024 and lowered its projection for next year on Tuesday, highlighting China, India and other regions, marking the producer group's fourth consecutive downward revision.

Saudi Arabia, which leads the group, appears wary of unsettling markets just before the U.S. presidential election on Tuesday.

OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China.

Oil prices slipped on Wednesday, trading near their lowest in two weeks, a day after OPEC lowered global oil demand growth forecasts for 2024 and 2025 and amid demand concerns in China. OPEC cited weakness in China,

Oil futures finished higher on Wednesday as traders weighed prospects for energy demand, U.S. production, and oil and gas drillers under the incoming administration of President-elect Donald Trump.

Oil rebounded on Wednesday on short-covering after prices fell near a two-week low in the prior session on OPEC's demand forecast cut, while the dollar hit a seven-month high, capping crude's gains. Brent crude futures were up 61 cents,

Oil prices on the New York fuel exchange are slightly rising, but they remain close to this month's lowest levels. Brokers say investors are focused on the fuel demand outlook after OPEC countries lowered their oil demand growth forecasts for this and next year.