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.

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 futures rose Tuesday, recouping some lost ground after back-to-back losses driven by worries about the prospects for demand out of China helped pull the U.S. benchmark back below the $70-a-barrel threshold.

Oil prices held near a two-week low on Tuesday after dropping about 5% over the past two sessions as investors absorbed OPEC's latest downward revision for demand growth, a stronger U.S. dollar and disappointment over China's latest stimulus plan.

Technical analysis suggests that oil prices are eyeing a bounce but could face resistance around $74.00 and $76.35. Click to read.

Since July, OPEC has cut its demand growth forecasts by nearly 20%, mirroring a notable decline in crude oil prices.

The Organization of the Petroleum Exporting Countries cut its forecast for oil-demand growth for the fourth consecutive month after further delaying its planned output hike amid market concerns over weaker global consumption and lower prices.

Opec has revised down its forecast for oil demand growth this year based on data from China, India and other regions, while also lowering its estimate for 2025, marking the producer group’s fourth consecutive downwards adjustment.