Crude oil prices slipped in Asian trading on Friday, pressured by weak U.S. economic data and a report from the International Energy Agency (IEA) projecting robust supply growth. Despite the decline, oil contracts remain slightly higher for the week.
As of the latest session, Brent crude fell 0.5% to $66.03 per barrel, while WTI dropped 0.6% to $61.74. The IEA now expects global oil production to rise by 2.7 million barrels per day in 2025, heightening fears of oversupply. In contrast, OPEC has maintained its more bullish demand outlook.
Geopolitical risks provided some limited support, with Washington pushing allies to impose higher tariffs on Russian oil purchases by India and China. Still, signs of weaker U.S. consumption and broader demand concerns capped gains in the energy market.
