Oil Prices Rise in Europe, Eyes on IEA's Monthly Report

Oil prices in international markets rose despite concerns about demand from China, the largest crude oil importer. Brent crude gained 0.75% to $72.37 per barrel, while West Texas Intermediate increased by 0.76% to $68.55, though both are down between 8% and 9% on a monthly basis. OPEC has lowered its forecast for global oil demand growth for the fourth consecutive month, considering the slowdown in China, the largest consumer. OPEC has cut its demand growth estimate for China to 450,000 barrels per day this year and 310,000 barrels per day for next year. Investors are now awaiting the IEA's monthly report on global oil markets, scheduled for release on Thursday.