Oil futures declined on Wednesday, with U.S. and global benchmark prices touching their lowest levels in about two weeks after a group of major oil producers lowered expectations for global demand growth.

Oil prices were little changed, trading near their lowest in two weeks on Wednesday, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025 and amid demand concerns in China.

Oil held the biggest drop in two weeks on a soft demand outlook in China, a stronger US dollar, and concerns the market may flip to oversupply.

Oil futures rose Tuesday, bouncing after back-to-back losses that sent the U.S. benchmark back below the $70-a-barrel threshold.

Oil prices on the New York fuel exchange are slightly rising, but they remain close to this month's lowest levels. Brokers say investors are focused on the fuel demand outlook after OPEC countries lowered their oil demand growth forecasts for this and next year.