Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises
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.
Brent futures were up 6 cents, or 0.1%, to settle at $71.89 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to settle at $68.12.
On Monday, both crude benchmarks settled at their lowest prices since Oct. 29.
The weaker outlook highlights the challenge facing OPEC+, a group that includes the Organization of the Petroleum Exporting Countries and allies such as Russia. This month, the group postponed a plan to start raising output in December against a backdrop of falling prices.
Source: Reuters