Oil prices rose slightly on Wednesday due to signs of short-term supply shortages, but remained near their lowest level in two weeks.
Around 11:30 a.m., the price of a barrel of Brent from the North Sea, for delivery in January, rose 0.75% to $72.63.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in December, gained 0.79%, to $68.86.
Crude oil prices rose slightly as tensions in the physical market offset bearish sentiment on demand, analysts said.
Buyers on the physical market were particularly active, with all available shipments being sold quickly, they point out.
But falling demand projections and weakness in major consumer China continued to weigh on market sentiment.
In its monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) said global oil demand would increase by 1.82 million barrels per day (bpd) in 2024, down from growth in 1.93 million bpd forecast last month, mainly due to weak demand from China, the world's largest oil importer.
The IEA, which has a much lower view, is expected to release its updated forecast tomorrow, Thursday.
Regarding U.S. stocks, weekly reports were delayed by a day due to the Veterans Day holiday. Data from the American Petroleum Institute industry group is due Wednesday at 10:30 p.m.
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