Oil Prices Edge Up Amid Signs of Tight Near-Term Supply.

Muscat: Oil prices saw a slight increase today, buoyed by indicators of tight near-term supply, even as they hovered near their two-week low following OPEC's recent downgrade of its global oil demand growth forecast for 2024 and 2025. Brent futures experienced a marginal rise of 13 cents, or 0.18%, bringing the price to $72.02 per barrel. Similarly, US West Texas Intermediate (WTI) crude futures climbed 13 cents, or 0.19%, to reach $68.25. According to Oman News Agency, the uptick in oil prices follows a modest 0.1% settlement increase yesterday. This comes after a significant decline of approximately 5% over the previous two sessions. The market's response indicates a cautious optimism about supply conditions in the short term, despite the broader implications of OPEC's updated demand growth projections.