WASHINGTON (dpa-AFX) - Oil ticked lower on Thursday after three consecutive sessions of gains. Worries over broad oversupply risks weighed on prices after the International Energy Agency (IEA) lifted its view for oil supply growth this year.
Benchmark Brent crude futures fell 0.4 percent to $67.25 a barrel in European trade, while WTI crude futures were down 0.4 percent at $63.39.
In its closely watched monthly report, the IEA pegged this year's oil supply growth at 2.7 million barrels a day, above its earlier estimate of 2.5 million against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances.
Similarly, the Paris-based organization expects oil supply growth of 2.1 million barrels a day the next year, up from 1.9 million barrels a day estimated earlier.
Market concerns over supply losses stemming from new sanctions on Russia also eased somewhat.
Media reports quoted an EU diplomat as saying that the European Union is 'very unlikely' to impose crippling tariffs on India and China to squeeze Russia.
The EU is in the midst of concluding a trade deal with New Delhi, with the two sides looking to resolve their differences over issues of agriculture, dairy, and non-tariff barriers to meet an ambitious end-of-year deadline for a deal.
Earlier, U.S. President Donald Trump asked European officials to levy tariffs of up to 100 percent on imports from China and India to pressure Russian President Vladimir Putin.
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