WASHINGTON (dpa-AFX) - Oil held a decline on Wednesday as industry data showed U.S. crude stockpiles increased last week and the International Energy Agency (IEA) raised its 2025 oil supply forecast, saying that global oil markets are on track for a record surplus next year.
Benchmark Brent crude futures slipped 0.2 percent to $65.99 a barrel in European trade, while WTI crude futures were down 0.4 percent at $62.92.
The American Petroleum Institute (API) reported on Tuesday that crude oil inventories in the United States grew by an additional 1.52 million barrels in the week ending August 8, while analysts had expected an 800,000-barrel draw.
Distillate stocks jumped by 295,000 barrels during the week, while gasoline stocks fell by about 1.78 million barrels.
Meanwhile, the IEA said it expects supply to grow more than three times faster than demand this year.
The Paris-based agency now forecasts oil supply growth this year of 2.5 million barrels a day, up from its previous estimate of 2.1 million.
At the same time, global oil demand growth is expected to slow this year as weaker economic conditions and sluggish non-OECD deliveries weigh on consumption.
Traders also await upcoming talks between the U.S. and Russia in Alaska on Ukraine.
According to media reports, Russian President Vladimir Putin is demanding that Ukraine give up the Donetsk and Luhansk regions that together form Donbas as a condition to unlock a ceasefire.
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