Global oil prices fell Thursday after a three-day rally, influenced by the IEA’s projection of weakening oil demand. The downturn followed the IEA’s concerns about softening oil demand due to a global economic slowdown.
In its monthly report, the IEA cited concerns that President Donald Trump’s tariffs could decelerate the world economy, inevitably leading to a decline in oil demand. The agency revised its oil demand growth forecast for the fourth quarter of last year and the first quarter of this year, lowering it to 1.2 million barrels per day.
Oil prices reversed course after surging more than 2% the previous day, amid growing concerns about waning demand.
Brent Crude, the global benchmark, slipped below $70 per barrel, closing at $69.88—down $1.07 (1.51%) from the previous session. Similarly, West Texas Intermediate saw its April contract decline by $1.13 (1.67%) to close at $66.55 per barrel.
