Oil prices fall as global demand outlook weakens

Oil prices declined today, April 15, amid expectations of a slowdown in global demand growth due to the US trade war and its impact on economic activity.

Brent crude futures for June delivery fell 0.30%, or 21 cents, to close at $64.67 a barrel.

WTI crude futures for May delivery lost 0.30%, or 20 cents, to $61.33 a barrel.

In its monthly report released today, the International Energy Agency (IEA) lowered its forecast for global oil demand growth in 2025 to 726,000 barrels per day, with growth expected to slow to 692,000 barrels per day the following year.

The agency said this downgrade in estimates was due to the deteriorating outlook for the global economy and the sudden, sharp escalation of trade tensions in early April.

Nearly half of this reduction is due to the expected slowdown in demand growth in both the US and China, while the remainder is due to the consumption outlook for trade-dependent Asian economies, IEA said.

Meanwhile, US Energy Information Administration's (EIA) annual report stated that the post-pandemic recovery in US oil demand will end next year, with total production supplied to the market—its measure of demand—rising slightly from 20.51 million barrels per day this year to 20.52 million barrels per day in 2026.

This comes as a number of major global banks continue to lower their forecasts for oil prices for both the current and next year.

Today, British bank HSBC lowered its forecast for the price of a barrel of benchmark Brent crude to $68.50 in 2025 and $65 next year.