Oil futures were marginally higher early Wednesday, with the U.S. benchmark consolidating below the $70-a-barrel threshold as investors weigh how producers will respond to a downbeat demand outlook.Price moves West Texas Intermediate crude rose 15 cents,

Saudi Arabia, which leads the group, appears wary of unsettling markets just before the U.S. presidential election on Tuesday.

Oil futures rose Tuesday, bouncing after back-to-back losses that sent the U.S. benchmark back below the $70-a-barrel threshold.

Oil prices on the New York fuel exchange are slightly rising, but they remain close to this month's lowest levels. Brokers say investors are focused on the fuel demand outlook after OPEC countries lowered their oil demand growth forecasts for this and next year.