Oil prices stabilized as they saw no noticeable changes in early Asian trading on Thursday, and the effects of expectations of weaker demand and rising gasoline and distillate inventories in the United States balanced the impact of a new round of European sanctions against Russian oil.
Brent crude futures fell five cents to $73.47 a barrel. U.S. West Texas Intermediate crude futures fell 11 cents to $70.18 a barrel. The two contracts had risen by more than one dollar each in Wednesday's session.
OPEC cut its forecast for demand growth in 2025 for the fifth consecutive month and the largest cut to date.
Source (CNBC Arabia Website, Edited)
