( REUTERS/Ramzi Boudina/File Photo)
A small rebound was recorded Wednesday in crude oil prices after they fell nearly 5% this week, largely due to OPEC’s reduced demand forecast.
The slight gains came after both benchmarks closed at their lowest levels in nearly two weeks on Monday and Tuesday. The slump was blamed on word that the Organization of the Petroleum Exporting Countries had lowered its global oil demand growth forecasts for 2024 and next year due to weak demand in China and India.
West Texas Intermediate crude rose 31 cents or 0.46% to $68.43 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global standard, gained 39 cents or 0.54% to $72.28 a barrel on ICE Futures Europe.
Natural gas up 0.09 at $3.00 – change 3.16%
Most Oklahoma energy stocks entered positive territory on Wednesday, including a 5% gain by NGL Energy Partners.