Oil prices edged down early on Friday as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks.
Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed.
Signs of stronger demand supported oil prices, ANZ analyst Daniel Hynes said.
The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 bpd, and left its 2025 oil demand growth forecast little changed at 990,000 bpd.
Also pressuring oil prices, the dollar surged on Thursday to a one-year high and headed for a fifth-straight daily gain fueled by higher yields and Donald Trump's presidential election victory in the United States.
Persons:
Brent, Daniel Hynes, group's, Donald Trump's
Organizations:
Brent, . West Texas, Energy Information Administration, EIA, ANZ, International Energy Agency, Organization of, Petroleum, greenback
Locations:
Russia, U.S, Paris, China, India, United States