Oil Eases Amid Slower Demand Growth

Oil prices fell slightly today as the International Energy Agency (IEA) flagged slowing demand growth this year while also weighting a larger than expected jump in U.S. crude inventories.

Brent crude futures fell 37 cents (0.5%), to $81.23 a barrel. West Texas Intermediate crude futures declined 44 cents (0.6%), to $76.20.

The IEA’s monthly oil market report said that global oil demand is losing momentum, prompting the agency to trim its 2024 growth forecast to 1.22 million barrels per day (bpd) from 1.24 milion bpd.

Source: Oman News Agency