Crude oil prices declined by more than 2% on Tuesday after the International Energy Agency (IEA) released its monthly report, lowering its forecast for the global oil demand growth for 2025 to 710,000 barrels per day, which is 30,000 bpd less than the agency projected last month. It also adjusted its forecast for the global supply, now expecting it to climb by 3 million bpd in 2025, causing concerns of oversupply among investors.
The West Texas Intermediate (WTI) for November’s deliveries dropped by 2.25% at 4:44 am ET, going for $58.15 per barrel. Meanwhile, Brent for settlements in December fell by 2.18% to $61.99 per barrel at 4:45 am ET.