London, Aug. 13, 2025 : Oil prices fell on Wednesday after the International Energy Agency (IEA) projected that global supply would outpace demand this year, while investors awaited fresh U.S. inventory data.
Brent crude futures were down 45 cents, or 0.7%, at $65.67 a barrel by 08:31 GMT, while U.S. West Texas Intermediate crude slipped 53 cents, or 0.8%, to $62.64. Both benchmarks closed lower in the previous session.
The IEA on Wednesday raised its forecast for oil supply growth this year, reflecting higher output from OPEC+ members, but trimmed its demand outlook due to weaker consumption in major economies, according to Reuters.
Some longer-term support came from OPEC’s monthly report, which lifted its global oil demand forecast for next year and lowered its estimate for production growth from the United States and other non-OPEC+ producers, signalling the potential for a tighter market ahead.
Market participants also digested industry data showing U.S. crude inventories rose by 1.52 million barrels last week, according to the American Petroleum Institute. Gasoline stocks fell, while distillate inventories recorded a slight increase.
Analysts surveyed by Reuters expect official Energy Information Administration (EIA) figures later on Wednesday to show a draw of around 300,000 barrels in U.S. crude stocks.
In its Short-Term Energy Outlook released Tuesday, the EIA forecast Brent crude to average below $60 per barrel in the fourth quarter, marking the first such quarter since 2020, as global supply growth is expected to outpace demand for petroleum products.
