Crude prices dropped on Wednesday, as investors expressed concerns over China's dampening economic growth. 

As of 11.00 a.m. India time, Brent crude futures slipped by 0.20 percent to $75.02 per barrel. 
Similarly, WTI futures also edged down by 0.31 percent to $71.34. 

Oil prices have climbed by about 1.7 percent on Tuesday after China announced its stimulus plan since the COVID-19 pandemic, with interest rate cuts and government funding, aiming at boosting the country's economy. 

However, analysts warned that more fiscal help was needed to boost confidence in the world's second-largest economy and that eroded the initial impact on oil prices.

"The lack of a more concrete fiscal approach still instils some reservations over whether the economic boost can be sustained," said Yeap Jun Rong, market strategist at IG, Reuters reported. 

OPEC boosts long-term oil demand outlook

In another major development, the Organization of Petroleum Exporting Countries, known as OPEC, raised its forecasts for world oil demand for the medium and long term. 

In its latest report, the oil producers alliance attributed this demand growth to markets like India, Africa and the Middle East, as well as a slower shift to electric vehicles and cleaner fuels.

"Future energy demand is found in the developing world due to increasing populations, middle class and urbanization," said OPEC Secretary General Haitham Al Ghais. 

According to OPEC, world oil demand is expected to reach 118.9 million barrels per day by 2045, around 2.9 million bpd higher than last year's projection. 

OPEC also added that oil demand globally will reach 120.1 million barrels per day by 2050. 

In the medium term, OPEC expects world oil demand to reach 111 million barrels per day by 2028. The 2028 figure is up 800,000 bpd from last year's prediction.