Oil Prices Inch Lower As IEA Cuts Demand Forecast, Warns of Looming Glut

The oil market could be even more oversupplied at the end of this year than previously expected amid tepid demand growth and surging supply from both OPEC+ and non-OPEC+ producers, the International Energy Agency (IEA) said on Wednesday.  Global oil demand is now expected to rise by just 680,000 barrels per day (bpd) this year, and by 700,000 bpd in 2026, to reach 104.4 million bpd next year, the IEA said in its monthly Oil Market Report out today.  The latest forecasts are a downward revision of 20,000 bpd in demand growth estimates…