Oil falls nearly 2% on oversupply, weaker demand

Oil prices fell on Thursday, pressured by concerns over softening US demand and broad oversupply that offset threats to output from conflict in the Middle East and the Russian war in Ukraine.

Brent crude futures were down $1.13, or 1.7 per cent, at $66.36 a barrel by 1319 GMT while US West Texas Intermediate crude futures lost $1.16, or 1.8 per cent, to $62.51. "Oil prices are falling today in response to bearish IEA headlines, which suggest massive oversupply on the oil market next year," said Commerzbank analyst Carsten Fritsch.

The International Energy Agency said in its monthly report that world oil supply will rise more rapidly than expected this year on OPEC+ increasing output further.

-Reuters