Brent futures were down 11 cents, or 0.1%, at $84.55 a barrel by 1212 GMT, after falling 1.3% in the previous session.
US West Texas Intermediate (WTI) crude was down 7 cents, or 0.1%, at $81.34 a barrel after falling 1.1% in the previous session.
OPEC maintained its 2024 and 2025 global oil demand growth forecasts at 2.25 million barrels per day (bpd) and 1.85 million bpd, respectively, it said in a monthly report on Wednesday.
US crude oil inventories fell by 1.923 million barrels and gasoline inventories by 2.954 million barrels, according to market sources citing data from the American Petroleum Institute on Tuesday. (API/S)
Official data from the US Energy Information Administration will be released at 1430 GMT. (EIA/S)
Both contracts had closed at three-session lows earlier on signs that the Texas energy industry had emerged relatively unscathed from Hurricane Beryl.
Oil and gas companies resumed some operations on Tuesday. Some ports have reopened and most producers were ramping up output, although some facilities were damaged and awaiting full restoration of power.
“The recent flurry of sales can be attributed to two main factors: the possible revival of ceasefire talks between Israel and Hamas and Hurricane Beryl,” PVM oil analyst Tamas Varga said.
In the Middle East, talks to secure a ceasefire in the Gaza war will resume in Doha, attended by the intelligence chiefs of Egypt, the United States and Israel.
Worries about demand in China also weighed on prices as consumer prices in the world’s second-largest economy rose for a fifth straight month in June but missed expectations, while deflation in producer prices continued.
In its annual Energy Outlook report on Wednesday, BP said it expects oil demand to peak next year and that wind and solar capacity will grow rapidly in its two main scenarios.
(Additional reporting by Emily Chow and Trixie Yap in Singapore; Editing by Mark Potter and Arun Coeur)
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