Crude oil futures were holding onto modest gains at midday Wednesday, despite a stronger dollar, a day after OPEC again trimmed its demand forecast.
The Nymex December West Texas Intermediate contract was up by about 10cts to $68.20/bbl at noon ET, and the January WTI contract was up by about the same to $68.05/bbl.
The January Brent crude contract was 15cts higher at $72.05/bbl and February Brent edged up 5cts to $71.70/bbl.
WTI and Brent over the last three sessions have given back about $3 to $4/bbl as the dollar strengthened in the wake of Donald Trump's election victory.
The Nymex December RBOB contract was 0.65ct lower at $1.9565/gal and the January contract was off by 0.75ct at $1.9285/gal. The December ULSD contract was down by 0.8ct at $2.2025/gal and January ULSD dropped by 0.7ct to $2.2125/gal.
The dollar rose 0.4% Wednesday against a basket of currencies, making crude more expensive for buyers holding non-U.S. currencies.
OPEC on Tuesday cut its forecast for oil-demand growth for a fourth straight month after it delayed a planned output hike on concerns over weaker global consumption and lower prices.
The group said it expects demand to rise this year by 1.82 million b/d and by 1.54 million b/d in 2025, down from October estimates of 1.93 million and 1.64 million b/d.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
11-13-24 1249ET
