Oil Prices Drop on Weak Demand Projections and Strong Dollar

Global benchmarks fall as concerns grow over China's slowing oil consumption and a potential supply surplus in 2025.

Brent crude fell to $72.55 per barrel, with West Texas Intermediate settling at $69.06, marking a nearly 3% weekly decline.
Chinese refiner Sinopec forecasts that China’s crude imports could peak by 2025, with overall oil consumption reaching its peak by 2027.
The Federal Reserve’s cautious stance on 2025 rate cuts strengthened the dollar, making oil more expensive for non-dollar holders and dampening demand expectations.
JPMorgan projects a 2025 oil surplus of 1.2 million barrels per day due to rising non-OPEC+ supply and stable OPEC production levels.
G7 countries are exploring tighter restrictions on Russian oil, including lowering the price cap or imposing outright bans, as Russia circumvents existing sanctions with a 'shadow fleet.'