Global oil prices fall amid rising US crude inventories

Web Desk: Global oil prices edged lower on Friday as oversupply and demand concerns linked to a stronger US dollar overshadowed a significant draw in US fuel stockpiles. By 0105 GMT, Brent crude was down 30 cents, or 0.41 percent. 72.26 dollars per barrel while US West Texas Intermediate (WTI) crude fell 25 cents or 0.36% to 68.45 dollars per barrel.
For the week, Brent was expected to fall about 2.2 percent and WTI was on track for a 2.7 percent decline. According to the U.S. Energy Information Administration, crude inventories rose by 2.1 million barrels last week, more than the expected increase of 750,000 barrels.The International Energy Agency predicts that global oil supply will exceed demand by 2025 even if current OPEC+ production cuts remain in place. Rising output from the US and other non-OPEC producers is expected to outpace sluggish demand growth.The IEA raised its 2024 demand growth forecast by 60,000 barrels per day (bpd) to 920,000 bpd but kept its 2025 forecast at 990,000 bpd. In contrast, OPEC cut its global oil demand growth forecast for both this year and weakness in China. , India and other regions. This marks OPEC’s fourth consecutive downward revision to 2024.