doha: Oil prices slipped in early trade on Thursday, weighed down by worries of higher global production amid slow demand growth, with a firmer dollar exacerbating the declines. Brent crude futures fell 6 cents, or 0.08%, to $72.22 a barrel. US West Texas Intermediate crude (WTI) futures declined 13 cents, or 0.19%, to $68.30.

According to Qatar News Agency, on Tuesday, the Organization of the Petroleum Exporting Countries cut its global oil demand growth forecast to 1.82 million barrels per day (bpd) in 2024, down from the 1.93 million bpd forecast last month. This adjustment was made due to weak demand in China, India, and other regions, sending oil prices to their lowest in nearly two weeks.

Meanwhile, the US Energy Information Administration has slightly increased its expectation of US oil output to an average of 13.23 million barrels per day this year. This figure represents a 300,000 bpd increase over last year’s record of 12.93 million bpd, and is up from the 13.22 million bpd forecast earlier.