Tuesday saw a little increase in oil prices due to optimistic market fundamentals, an OPEC report stating that demand is still high, and worries that supplies may be hampered as a result of US sanctions against Russian oil exports.

Brent crude added 0.36% to $82.82 per barrel meanwhile US WTI crude futures advanced by 0.36% at $78.54 per barrel.

The Organization of the Petroleum Exporting Countries attributed the recent decline in prices to speculators in their monthly report. Additionally, it maintained its relatively high 2024 prognosis while marginally raising its expectation for the rise in global oil consumption in 2023.

Due to worries that demand may decline in the two largest oil consumers, the United States and China, oil prices fell to their lowest point since July last week. October saw a sharp decline in Chinese consumer prices to levels not seen since the COVID-19 pandemic, and exports declined more than anticipated.

The largest move taken by Washington since a price restriction was set to limit oil payments to Moscow, the U.S. Treasury Department has sent notifications to ship management companies demanding information about 100 boats it believes to be in violation of Western sanctions on Russian oil.

Restarting negotiations in Iraq to reopen an oil pipeline, however, may cause market headwinds, according to ANZ and ING analysts.