Brent, WTI up about 0.2
Tightness in physical market offsets demand outlook ANZ
To come API weekly U.S. stockpile report at 2130 GMT

SINGAPORE, Nov 13 Reuters Oil prices inched higher on Wednesday underpinned by signs of nearterm supply tightness but held near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.

Brent futures rose 14 cents, or 0.2, to 72.03 a barrel by 0745 GMT, while U.S. West Texas Intermediate WTI crude futures gained 13 cents, or 0.2, at 68.25.

Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buyers in the physical market have been particularly active, with any available cargoes being snapped up quickly, ANZ analysts said in a note.

But falling demand projections and weakness in major consumer China continued to weigh on market sentiment.

We may expect prices to consolidate around current levels for longer, said Yeap Jun Rong, market strategist at IG, adding the recent attempt for a bounce was quickly sold into.

The absence of a more direct fiscal stimulus out of China has been casting a shadow on oil demand outlook, coupled with the prospects of higher US oil production with a Trump presidency and looming OPEC39;s plans for an output raise, Yeap added.

In its monthly report on Tuesday, the Organization of Petroleum Exporting Countries OPEC said world oil demand would rise by 1.82 million barrels per day bpd in 2024, down…