Oil prices remained largely unchanged on Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) upheld its projections for demand growth, despite ongoing tensions in the Middle East and other regions.
Brent futures for May delivery saw a modest increase of 24 cents, reaching $82.45 a barrel by 1420 GMT, while the April U.S. West Texas Intermediate (WTI) crude contract rose 31 cents to $78.24.
OPEC maintained its forecast for robust growth in global oil demand for 2024 and 2025, additionally revising its economic growth outlook for the current year, citing potential for further improvement.
Market observers are awaiting the monthly report from the U.S. Energy Information Administration (EIA), expected later on Tuesday, for further insights. The International Energy Agency (IEA), which provides counsel to industrialized nations, is also anticipated to release its estimates on Thursday.
