WASHINGTON (dpa-AFX) - Oil prices fell on Thursday amid prospects of excess supply in the market, and on concerns about the outlook for demand.
The International Energy Agency (IEA) has warned of bigger-than-anticipated supply surplus if OPEC+ raises output beyond April. The agency said global oil supply could exceed demand by around 600,000 barrels per day this year.
Markets also weighed tight U.S. fuel supplies against global economic risks. Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. increased 1.4 million barrels last week, while analysts had expected a 2.1-million-barrels build.
West Texas Intermediate Crude oil futures for April ended lower by $1.13 or about 1.7% at $66.55 a barrel.
Brent crude futures dropped to $69.89 a barrel, losing $1.06 or about 1.5%.
A report from the International Energy Agency (IEA) said global oil demand this year will be accompanied by rising deliveries, adding that its outlook is clouded by the trade war.
The IEA said it expects oil demand will likely rise by 1 million barrels per day in 2025, up from 0.83 million barrels per day in 2024.
The agency said it expects supply to outpace demand by 0.6 million barrels per day this year.
'The macroeconomic conditions that underpin our oil demand projections deteriorated over the past month as trade tensions escalated between the United States and several other countries. New US tariffs, combined with escalating retaliatory measures, tilted macro risks to the downside,' the IEA noted.
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