Oil prices fell slightly Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut.
Brent crude futures fell 11 cents to close at $73.41 a barrel. U.S. West Texas Intermediate crude futures declined 27 cents to settle at $70.02. Both benchmarks rose by more than $1 on Wednesday.
The International Energy Agency said it expected the oil market to be comfortably supplied next year, even as it revised its demand outlook for next year up slightly. OPEC cut its demand growth forecast for 2024 for the fifth straight month on Wednesday and by the largest amount yet.
Source: Reuters
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