Oil prices held near a two-week low on Wednesday after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle East conflicts will disrupt supply.

Crude oil prices slumped Tuesday as the International Energy Agency (IEA) cut its projection for oil demand growth, noting China's slowing economy was behind the decision. The IEA said oil demand will grow “just shy of” 900,000 barrels per day (B/D) in 2024. In September, the IEA had projected average annual gains of 900,000 B/D for 2024.

Natural gas and oil prices are likely to decline in the second half of the decade, but unexpectedly high worldwide demand for electricity will complicate efforts to reduce greenhouse gas emissions, the International Energy Agency (IEA) said Wednesday in its yearly World Energy Outlook.

The Organization of the Petroleum Exporting Countries further trimmed its forecast for oil-demand growth, as it prepares to bring some barrels back into the market despite weaker global prices.