Oil edges lower on 2025 supply surplus forecast, but set to notch weekly gain
Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week.
Brent crude futures edged down 8 cents to $73.33 a barrel by 0125 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, down 7 cents.
The International Energy Agency expects non-OPEC+ nations to boost supply by about 1.5 million barrels per day (bpd) next year, driven by the United States, Canada, Guyana, Brazil and Argentina.
Supply is expected to exceed demand growth forecast of 1.1 million bpd, IEA said in its monthly oil market report, raising its demand forecast from 990,000 bpd last month. Demand growth would be seen «largely in Asian countries due to the impact of China's recent stimulus measures», it said.
«I guess with an outlook for a fairly comfortable balance little reason (for prices) to break out of this range for now,» Warren Patterson, ING's head of commodities research, said.
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