Amman– Oil prices increased slightly after experiencing their largest decline in over a month, supported by a decrease in U.S. crude inventories and expectations of supply disruptions amidst speculation of a global drop in fuel demand.
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According to Bloomberg, Brent crude futures rose by two cents to $79.94 per barrel, while U.S. West Texas Intermediate (WTI) futures increased by 12 cents to $77.62 per barrel.
Oil prices had fallen on Tuesday after the U.S. Energy Information Administration (EIA) forecasted that oil would face pressure over the next two years as supply exceeds demand.
However, the market found support on Wednesday after data from the American Petroleum Institute (API) indicated a drop in crude inventories in the United States, the world’s largest oil consumer, alongside expectations of disruptions in supply.
The EIA has revised its forecast for global oil demand, predicting an average of 104.1 million barrels per day in 2025, down from the previous estimate of 104.3 million barrels per day.
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