Oil is on course to secure its fourth consecutive session of gains. What Happened: Oil prices climbed by more than 1% at the start of the week. West Texas Intermediate (WTI) light crude futures, tracked by the United States Oil Fund (NYSE:USO), surpassed $77 per barrel by 8:00 a.m. EST. This rise comes despite the Organization of the Petroleum Exporting Countries (OPEC) cutting its global oil demand growth forecast. OPEC has revised its global oil demand growth estimate for 2024 to 1.78 million barrels per day (mb/d). That’s down from the previous projection of 1.85 mb/d. The oil cartel expects global oil demand in 2024 to average 104.32 mb/d. For 2025, oil demand growth globally has also been lowered to 2.11 mb/d. That’s a reduction from the prior estimate of 2.25 mb/d. “This slight revision reflects actual data received for the first quarter of 2024 and, in some cases, the second quarter, as well as reduced expectations for China’s oil demand growth in 2024,” OPEC stated in its latest monthly report. See Also: Asia And Europe Markets Mixed; Crude Advances And Gold Near All-Time High – Global Markets Today While US Slept Why It ...