Oil prices fell during trading on Thursday as markets assessed macroeconomic concerns, including the potential impact of tariff wars between the US and other countries on global crude demand.
Brent crude futures fell $1.07, or 1.51%, to settle at $69.88 a barrel.
US crude futures also fell $1.13, or 1.67%, to settle at $66.55 a barrel, according to Reuters.
Latest Oil Prices
WTI Crude $66.83 +0.42%
Brent Crude $70.15 +0.39%
Murban Crude $70.81 -1.38%
Natural Gas $4.029 -1.99%
Louisiana Light $71.40 +1.61%
Bonny Light $78.62 -2.84%
Mars US $73.22 -1.56%
Gasoline $2.136 +0.15%
This comes after the International Energy Agency forecasts that global oil supply will exceed demand by about 600,000 barrels per day (bpd) this year, with the US-led supply increase.
The forecast includes a global demand increase of only 1.03 million bpd, 70,000 bpd less than the February forecast. Asian demand, particularly from China, will significantly boost demand growth.
Read also: International Energy Agency Cuts Global Oil Demand Growth Forecast to Nearly 1 Million Barrels Per Day
The agency's report pointed to deteriorating macroeconomic conditions, including escalating trade tensions.
Meanwhile, US President Donald Trump threatened on Wednesday to escalate a global trade war by imposing further tariffs on imports from the European Union, while major US trading partners pledged to retaliate against the US president's measures.
Trade policy tensions have shaken investor, consumer, and business confidence. In addition to severe cuts in government spending, labor markets have been turbulent, with some fearing a US recession.
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