Global Oil Prices Decline Amid Reduced Demand and Increased Supply Expectations

International oil prices fell nearly 3% due to decreased demand and anticipated supply increases, while concerns over renewed Middle East conflicts have diminished. According to RTHK, Brent crude oil in London closed at $67.52 per barrel, down $1.88, marking a 2.7% decrease. Meanwhile, New York crude oil settled at $62.84 per barrel, a decline of $1.79, or nearly 2.8%. The International Energy Agency (IEA) stated that global oil demand growth this year will be lower than previously forecasted. Despite supply disruptions in January leading to reduced production, the IEA estimates a significant surplus will still occur. Edited by Zhang Shimin.