OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China.

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.

Oil futures rose Tuesday, bouncing after back-to-back losses that sent the U.S. benchmark back below the $70-a-barrel threshold.

Oil prices eased on Tuesday as investor disappointment over China's latest stimulus plan and oversupply concerns weighed on the market, along with a stronger dollar. Brent crude futures fell 17 cents,

Oil futures settled at their lowest in nearly two weeks Monday following disappointing economic data from China, the world’s largest crude importer, and expectations for higher U.S. production once President-elect Donald Trump takes office.