Oil prices decreased slightly on Wednesday amid a forecasted rise in US crude inventories, signaling weaker demand, and ongoing uncertainty over Washington-Moscow talks.
International benchmark Brent crude fell 0.3% to $65.64 per barrel at 9.30 a.m. local time (0630 GMT), down from $65.83 at Tuesday's close.
US benchmark West Texas Intermediate (WTI) decreased 0.3% to $62.29 per barrel, compared to $62.49 in the previous session.
The American Petroleum Institute (API) forecasted over a 1.5 million-barrel increase in US crude inventories for the week ending Aug. 8, defying market expectations for a 800,000 barrel draw.
Signs of a build in US inventories raised some questions about demand in the world's largest oil consumer, putting downward pressure on prices.
Traders now await official inventory data from the US Energy Information Administration (EIA), due later on Wednesday.
Oil prices also extended losses as uncertainty surrounding an upcoming meeting between Trump and Russian President Vladimir Putin persists.
Progress toward a ceasefire could ease supply concerns and lower prices, but the risk of no agreement limits further price decline.
- US energy agency revises down Brent price forecast for 2025
Meanwhile, the EIA has revised down its 2025 oil price forecast, lowering its projection by about $1.7 from previous report to $67.22 per barrel.
Brent crude, which traded at $71 per barrel last month, is expected to post sharp declines in the coming months, averaging $58 in the 4th quarter of 2025 and around $50 in early 2026, according to the EIA's August 2025 Short-Term Energy Outlook.
Furhter, the Organization of the Petroleum Exporting Countries (OPEC) kept its forecast for global oil demand growth in 2025 unchanged in its latest Monthly Oil Market Report released on Tuesday.
The group expects the demand growth to be around 1.23 million barrels per day (bpd) in non-OECD countries and just 15,000 bpd in OECD economies next year.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr