WASHINGTON (dpa-AFX) - Oil prices were subdued on Thursday due to lingering concerns surrounding global demand growth as well as higher output.
Benchmark Brent crude futures were little changed with a negative bias at $72.25 a barrel, recouping early losses. WTI crude futures were down 0.1 percent at $68.38.
Earlier this week, OPEC cut its oil demand growth forecasts for 2024 and 2025, citing concerns about the Chinese economy.
Currently, OPEC+ is maintaining voluntary production cuts of around 2.2 million barrels per day but analysts predict a significant fall in prices in 2025, if the influential oil cartel unwinds its production cuts.
Meanwhile, the International Energy Agency's monthly oil market report released on Thursday predicts a significant discrepancy between global oil demand and supply by 2025.
According to IEA, the world's demand for oil will fall short of supply by more than 1 million barrels per day (bpd) in 2025 even if OPEC+ cuts remain in place.
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