In the early hours of the 13th Beijing time, the price of WTI Crude Oil Futures in the USA slightly fell on Thursday. The International Energy Agency (IEA) predicted that the oil market will have sufficient supply, offsetting the optimistic sentiment regarding rising expectations for interest rate cuts in the USA.

The price of Brent Crude Oil Futures for February delivery on the Intercontinental Exchange in Europe fell by 11 cents, closing at $73.41 per barrel.

On the New York Commodity Exchange, the price of West Texas Intermediate (WTI) for January delivery fell by $0.27, a decrease of 0.38%, closing at $70.02 per barrel.

On Thursday, the International Energy Agency (IEA) stated that it expects the oil market to have sufficient supply next year, but it slightly raised the demand forecast for next year.

On Wednesday, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) reduced the forecast for demand growth in 2024 for the fifth consecutive month, marking the largest cut to date.

UBS Group Analyst stated: "They still predict that the Crude Oil market will experience a large oversupply, but with demand adjustments, this market has slightly declined. Crude Oil traders are waiting for more news regarding fiscal measures around the world, and I expect prices will not see significant fluctuations in the short term."