08:55 AM EDT, 07/10/2024 (MT Newswires) -- Oil was mostly steady early on Wednesday following three-losing sessions as OPEC kept a bullish demand forecast in place and a report showing a larger than expected drop in U.S. inventories last week

West Texas Intermediate crude for August delivery was last seen up US$0.06 to US$81.47 per barrel, while September Brent crude, the global benchmark, was down US$0.02 to US$84.64.

In its weekly survey, the American Petroleum Institute reported U.S. oil inventories fell by 1.92-milllion barrels last week, more than the consensus forecast for a drop of 0.25-million barrels, according to Investing.com, while gasoline inventories dropped by three-million barrels. The Energy Information Administration will release official data later on Wednesday morning.

OPEC left its 2024 demand forecast in place in its July Monthly Oil Market Report, calling for a rise of 2.2-million barrels per day over 2023 levels. The forecast remains above the expectations of other agencies, with the Energy Information Administration on Tuesday reiterating its demand-growth outlook of 1.1-million bpd this year in its July Short-Term Energy Outlook.

Weak growth in China, the No.1 oil importer, is checking prices. The country on Tuesday reported inflation fell to 0.2% in June, under the consensus expectation for a rise of 0.4%, according to a Reuters poll, showing the country's economy continues to slow.