Crude oil prices hold at a two-week low level on lower demand growth forecasts

Oil prices remained near a two-week low due to concerns about less demand growth and reduced worries of supply disruptions in the Middle East. Positive economic news from the US and Europe helped limit the slide in oil prices. Brent futures settled at $74.22 a barrel, while US WTI crude settled at $70.39. Crude prices fell due to a weaker demand outlook and reports that Israel would not strike Iranian nuclear and oil sites. OPEC and IEA cut their 2024 global oil demand growth forecasts, with China being a major factor. Lower interest rates by the Federal Reserve could boost economic growth and demand for oil. Weekly US oil storage data is expected to show an increase in crude stockpiles.