Oil prices dip as market awaits EIA report

Oil prices dipped on Tuesday as traders watched for a U.S. government short-term market outlook report following a bullish report on demand and supply issued by OPEC.

Brent crude futures lost 20 cents, or 0.3%, to $66.43 a barrel by 10:36 a.m. CDT (1536 GMT). U.S. West Texas Intermediate crude futures were off by 39 cents, or 0.61%, to $63.51.

"We're still locked into a range, waiting for an Energy Information Administration report this morning," said Phil Flynn, senior analyst at Price Futures Group.

Flynn said traders were watching to see if the EIA report would track with a report issued earlier on Tuesday by OPEC on its demand and production outlook.

The Organization of the Petroleum Exporting Countries raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook.

OPEC's monthly report on Tuesday said global oil demand will rise by 1.38 million barrels per day in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.