Given that oil demand growth next year probably won't be much more than 1 million barrels a day, a full unwinding of OPEC+ supply cuts in 2025 would "undoubtedly see a very steep slide in crude prices, possibly toward $40 a barrel," Henning Gloystein, head of energy, climate and resources at Eurasia Group, told CNBC.

Technical analysis suggests that oil prices are eyeing a bounce but could face resistance around $74.00 and $76.35. Click to read.

OPEC cut its forecast for global oil demand growth in 2024 and lowered its projection for next year on Tuesday, highlighting China, India and other regions, marking the producer group's fourth consecutive downward revision.

OPEC’s recent decision to extend its production cuts till the end of January has added more uncertainty to the oil market as we approach 2025.

Saudi Arabia, which leads the group, appears wary of unsettling markets just before the U.S. presidential election on Tuesday.

Brent futures were up 49 cents to $72.38 a barrel at 1040 GMT, while U.S. West Texas Intermediate crude futures rose 48 cents to $68.60

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.