Oil prices fell slightly early Friday as concerns over oversupply and a stronger currency weighed on U.S. fuel stocks. Brent crude ended down 30 cents, or 0.41 percent, at $72.26 a barrel. U.S. West Texas Intermediate crude futures were down 25 cents, or 0.36 percent, at $68.45.
WTI is expected to fall 2.7 percent for the week, while Brent is expected to fall about 2.2 percent. U.S. oil inventories rose by 2.1 million barrels last week, more than analysts had forecast for a 750,000-barrel increase.
Gasoline inventories fell by 4.4 million barrels last week, their lowest level since November 2022, compared with a Reuters poll of economists forecasting a 600,000-barrel gain. Distillate inventories, which include heating oil and diesel, also unexpectedly fell by 1.4 million barrels, the data showed.
Oil prices were boosted by signs of rising demand. The International Energy Agency forecast that even with OPEC+ continuing to cut output, global oil supply will exceed demand in 2025,
This week, OPEC revised its 2024 forecast downward for the fourth consecutive time, citing weakness in China, India and other countries, which it said would boost global oil demand this year and 2025.
