WASHINGTON (dpa-AFX) - Oil prices were subdued on Tuesday as OPEC and the International Agency (IEA) cut their forecasts for global oil demand growth, citing escalating trade tensions.
Benchmark Brent crude futures slipped 0.2 percent to $64.75 a barrel in early European trade, while WTI crude futures were down 0.2 percent at $61.38.
In its April Oil Market Report, the IEA revised down its estimate for oil demand growth by 300,000 barrels per day (bpd) to 730,000 bpd.
'The deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions in early April has prompted a downgrade to our forecast for oil demand growth this year,' the agency said and cautioned that growth may fall slow further to 690,000 bpd in 2026, as a result of weaker economic environment.
On Monday, OPEC has cut its 2025 global oil demand growth forecast for the first time since December, citing the impact of data received for the first quarter and the recently announced U.S. tariff measures.
The oil cartel expects world oil demand to rise by 1.30 million barrels per day in 2025 and by 1.28 million bpd in 2026, down 150,000 bpd from last month's figures.
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