Benchmark contracts head for weekly loss of nearly 3
Sinopec sees China39;s crude imports possibly peaking in 2025
JPMorgan sees 1.2 mln bpd global oil surplus in 2025
SINGAPORE, Dec 20 Reuters Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3.
Brent crude futures fell by 33 cents, or 0.45, to 72.55 a barrel by 0730 GMT. U.S. West Texas Intermediate crude futures eased 32 cents, or 0.46, to 69.06 per barrel.
Chinese stateowned refiner Sinopec said in its annual energy outlook released on Thursday that China39;s crude imports could peak as soon as 2025 and the country39;s oil consumption would peak by 2027 as diesel and gasoline demand weaken.
Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the yearend weighed by uncertainty in oil demand growth, said Emril Jamil, senior research specialist at LSEG.
He added that OPEC would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar39;s climb to a twoyear high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
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