Crude oil prices rose on Wednesday as concerns about the potential impact of Tropical Storm Francine on oil supplies outweighed worries about demand.

In its latest monthly report, OPEC lowered its forecast for global oil demand growth in 2024 for the second consecutive time, reflecting the challenges faced by OPEC and OPEC+ in balancing supply and demand in the current market environment.

In a report released this week, Goldman Sachs pointed out that global oil demand will continue to grow for at least 10 years.

Commodity markets have fluctuated collectively due to the recent Iranian helicopter accident, with precious metals prices rising sharply and crude oil markets experiencing anomalies.

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According to a report from the US Energy Information Agency, crude oil inventories have decreased by 6.4 million barrels compared to last week, and analysts expect crude oil inventories to increase by 1.6 million barrels.

Despite the continuous rise in oil prices, domestic oil production in the United States remains at a level of 13.1 million barrels per day.