U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.

Oil prices rose by a dollar a barrel on Tuesday as supply disruptions mounted and traders bet that demand will grow if the U.S. Federal Reserve lowers borrowing costs this week, as is widely expected.

Oil futures were trading on either side of unchanged Tuesday morning after gaining three of the past four sessions, with traders looking for direction as they weighed concerns about the outlook for demand a day ahead of a Federal Reserve rate decision.