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.
Supply is expected to exceed demand growth forecast of 1.1 million bpd, IEA said in its monthly oil market report, raising its demand forecast from 990,000 bpd last month.
Three of Canada's biggest oil producers forecast higher production in 2025.
Building on record production in the U.S., Goldman Sachs expects Lower 48 shale oil production to grow by 600,000 bpd in 2025 although the growth could slow if Brent falls below $70 a barrel.
Chinese crude imports grew annually for the first time in seven months in November, driven by lower prices and stockpiling.
Persons:
Warren Patterson, ING's, Goldman Sachs, Brent, WTI, ING's Patterson
Organizations:
Union Pacific, Brent, West Texas, International Energy Agency
Locations:
Salt Lake City , Utah, OPEC, United States, Canada, Guyana, Brazil, Argentina, U.S, Russia, Iran, Saudi Arabia, China, India