Oil prices fall 1.5% following IEA report

Oil prices extended their losses on Thursday as the International Energy Agency’s (IEA) monthly report raised concerns that escalating global trade tensions could undermine energy demand.

May Brent crude futures declined 1.5%, or $1.07, to settle at $69.88 a barrel. West Texas Intermediate (WTI) crude also fell 1.65%, or $1.13, to $66.55 a barrel.

Global oil supply could exceed demand by around 600,000 barrels per day this year, the IEA said on Thursday, due to growth led by the US and weaker than expected global demand.

World oil demand is now expected to rise by 1.03 million bpd in 2025, down 70,000 bpd from last month's forecast, with growth driven largely by Asia and specifically China, according to the agency.