OPEC cut its forecast for global oil demand growth in 2024 and lowered its projection for next year on Tuesday, highlighting China, India and other regions, marking the producer group's fourth consecutive downward revision.

Since July, OPEC has cut its demand growth forecasts by nearly 20%, mirroring a notable decline in crude oil prices.

Oil rebounded on Wednesday on short-covering after prices fell near a two-week low in the prior session on OPEC's demand forecast cut, while the dollar hit a seven-month high, capping crude's gains. Brent crude futures were up 61 cents,

Oil prices on the New York fuel exchange are slightly rising, but they remain close to this month's lowest levels. Brokers say investors are focused on the fuel demand outlook after OPEC countries lowered their oil demand growth forecasts for this and next year.