Singapore December 13 2024: Oil prices inched lower on Friday as investors focused on a forecast of ample supply and shrugged off expectations of higher demand next year from Chinese stimulus measures, while eyeing another Federal Reserve interest rate cut next week.
Brent crude futures edged down 8 cents to $73.33 a barrel by 0125 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, down 7 cents.
The International Energy Agency expects non-OPEC+ nations to boost supply by about 1.5 million barrels per day (bpd) next year, driven by the United States, Canada, Guyana, Brazil and Argentina.
