Oil Drifts Lower On Concerns About Oversupply
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Oil ticked lower on Thursday after three consecutive sessions of gains. Worries over broad oversupply risks weighed on prices after the International Energy Agency (IEA) lifted its view for oil supply growth this year.
Benchmark Brent crude futures fell 0.4 percent to $67.25 a barrel in European trade, while WTI crude futures were down 0.4 percent at $63.39.
In its closely watched monthly report, the IEA pegged this year's oil supply growth at 2.7 million barrels a day, above its earlier estimate of 2.5 million against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances...
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