Oil futures were down more than 1%, giving up Asian gains, on uncertainties around the OPEC+ voluntary output cuts and global demand growth.
Meanwhile, geopolitical tensions in the Middle East intensified as Israel resumed combat operations in Gaza and after Iran-backed Houthi forces in Yemen claimed responsibility for attacks against a U.S. destroyer and three commercial ships operating in the Red Sea.
Brent is forecast to rise to an annual average of $85 a barrel in 2024, according to BMI, adding it expected a sharp slowdown in developed economies in the first half which will put prices under heavy pressure; while in the second half, as global growth passes its nadir, sentiment will strengthen, positioning Brent for healthy gains.