Oil prices saw a minor decrease on Friday, driven by forecasts of increased supply in the coming months and a slowdown in demand from China.
During morning trading, the price for a barrel of North Sea Brent crude, scheduled for January delivery, fell by 1.16% to $71.72. In contrast, its American counterpart, West Texas Intermediate (WTI), for December delivery, declined by 1.18% to $67.89.
This week’s monthly reports from the International Energy Agency (IEA) and the U.S. Energy Information Administration indicated a projected rise in supply. Market analysts also highlighted China’s economic slowdown, which is being hampered by sluggish consumption and a real estate crisis. These two factors have adversely affected demand for crude oil, as prices are closely linked to the performance of the Chinese economy, the world’s largest oil importer.
