Oil Prices Decline on Surplus Concerns and Weak Chinese Demand

Global oil markets face pressure from potential oversupply and China's economic slowdown.

Crude oil prices are on track for a weekly loss, with Brent crude down nearly 2% and WTI down over 2%.
The International Energy Agency predicts a surplus of over 1 million barrels per day by 2025, driven by increased U.S. production.
OPEC has again revised its demand forecast downward, citing ongoing weakness in China and other regions.
China's refinery throughput has decreased for the seventh consecutive month, reflecting broader economic challenges.
U.S. gasoline stocks have dropped to their lowest since November 2022, providing some support to oil prices.