BENGALURU, Aug 13 (Reuters) - Oil prices steadied on

Tuesday after rising for five consecutive sessions, as markets

refocused on concerns about demand after OPEC on Monday cut its

forecast for demand growth in 2024 due to softer expectations in

China.

Benchmark Brent crude futures were down 30 cents, or

0.36%, at $82.00 a barrel as of 0820 GMT. U.S. West Texas

Intermediate crude was down 29 cents, or 0.36%, at

$79.77.

Brent on Monday gained more than 3% while U.S. crude futures

rose more than 4% on expectations of a widening Middle Eastern

conflict that could tighten global crude oil supplies.

The 2024 demand forecast cut from the Organization of the

Petroleum Exporting Countries' (OPEC) highlighted the dilemma

faced by the wider OPEC+ group as it aims to raise output from

October.

"Any reflection of higher economic risks could weigh on oil

prices, at a time when OPEC+ has cut their 2024 demand forecast

and are set to roll back on their production cuts starting

October, which may point to a less tight oil market ahead," said

Yeap Jun Rong, market strategist at IG.

But he added investors remained watchful of the latest

geopolitical tensions.

The Middle East conflict has escalated, with the U.S.

preparing for what could be significant attacks by Iran or its

proxies in the region as soon as this week, White House national

security spokesperson John Kirby said on Monday.

Any attack could tighten access to global crude supplies and

boost prices. An assault could also lead the United States to

place embargoes on Iranian crude exports, potentially affecting

1.5 million barrels per day of supply, analysts said.

"If an eventual Iran retaliation falls within the scope of a

so-called proportionate response, and the macro disappoints,

then Brent holding on to its $80 handle may prove challenging,"

said Harry Tchilinguirian, head of research at Onyx Capital

Group.

Markets are also preparing for Wednesday's U.S. consumer

price index report that will give a crucial read on inflation.