Oil steady as OPEC retains demand forecasts


Oil prices were little changed on Tuesday as OPEC stuck by its forecast for demand growth this year and next, amid persistent tensions in the Middle East and beyond.

Brent futures for May delivery were up 24 cents at $82.45 a barrel by 1420 GMT. The April US West Texas Intermediate (WTI) crude contract rose 31 cents at $78.24.

On Tuesday, OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.

The monthly report from the US Energy Information Administration (EIA) is expected later on Tuesday, while the International Energy Agency (IEA), which advises industrialised nations, is anticipated to put out its estimates on Thursday.

“While we believe the estimates will be largely unchanged, any upside surprise will ease demand concerns,” ANZ analysts said.

However, recent data emanating from China has suggested weakening demand.

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