Muscat: Oil prices today rose in Asian trade, after a gain of 4% in the previous session. Brent crude futures slipped 26 cents, or 0.3%, to $76.71 a barrel. US West Texas Intermediate crude futures fell 23 cents, or 0.5%, to $75.19 per barrel.

According to Oman News Agency, the fluctuations in oil prices come after the International Energy Agency (IEA) adjusted its global oil demand growth forecast for 2025. The IEA reduced its projection to 720,000 barrels per day, a slight decrease from the earlier estimate of 740,000 barrels per day. This revision has influenced recent market activities, causing a nuanced response in oil trading.

The market’s reaction indicates a complex interplay between supply, demand, and external forecasts. The IEA’s adjustment reflects anticipated changes in global consumption patterns. As traders absorb this new information, price movements in the oil market continue to display variability.