Crude oil prices are slightly higher than the lowest levels two months ago, but they are declining today across both major benchmarks, Brent and WTI, by approximately 0.3%, after yesterday's gains.
OPEC did not change its demand and supply growth forecasts, adding pressure on oil prices. Economic indicators like wage growth in Britain and confidence levels in Eurozone and German economies are impacting oil sentiment.
The narrative of maintaining higher interest rates for longer periods due to strong economic activity in Europe and the US is affecting oil demand growth prospects, especially with a shift in expectations for rate cuts.
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