DOHA: Oil prices experienced a slight increase on Wednesday, driven by indications of tight supply in the near term. This comes despite the prices remaining close to their lowest levels in two weeks, following OPEC's recent downgrade of its forecast for global oil demand growth in the years 2024 and 2025. According to Qatar News Agency, Brent crude futures saw a modest rise of 13 cents, equivalent to 0.18%, reaching $72.02 per barrel. Similarly, US West Texas Intermediate (WTI) crude futures increased by 13 cents, or 0.19%, settling at $68.25 per barrel. On Tuesday, oil prices had settled up by 0.1% after the announcement, which marked a recovery from a roughly 5% decline over the previous two sessions. The market's focus remains on the factors influencing the near-term supply dynamics as traders and analysts assess the impact of OPEC's revised demand forecast on future oil prices.