Oil Prices Decline Amid Concerns Over Increased Production and Sluggish Demand.

Muscat: Oil prices slipped in early trade today, weighed down by worries of higher global production amid slow demand growth, with a firmer dollar exacerbating the declines. Brent crude futures fell 6 cents, or 0.08%, to $72.22 a barrel. US West Texas Intermediate crude (WTI) futures declined 13 cents, or 0.19%, to $68.30. According to Oman News Agency, on Tuesday, the Organization of the Petroleum Exporting Countries cut its global oil demand growth forecast to 1.82 million barrels per day (bpd) in 2024, down from 1.93 million bpd forecast last month. This revision is attributed to weak demand in China, India, and other regions, sending oil prices to their lowest in nearly two weeks. Meanwhile, the US Energy Information Administration has slightly raised its expectation of US oil output to an average of 13.23 million barrels per day this year, which is 300,000 bpd higher than last year's record of 12.93 million bpd, and up from the previously forecast 13.22 million bpd.