Mumbai, Feb. 12 -- Oil futures slipped below $73 per barrel on Wednesday, ending a three-day rally after API data showed a sharp 9-million-barrel increase in US crude inventories last week. The EIA's February 2025 outlook expects OPEC+ production cuts to tighten global oil inventories in early 2025, stabilizing prices. However, rising production and weaker demand could push Brent crude prices to average $74 per barrel in 2025 and $66 in 2026, down from $80 in 2024. Meanwhile, the EIA highlights the uncertainty surrounding new tariffs on imports from Mexico, Canada, and China, as well as sanctions on Russia's oil sector. While these measures might alter trade routes, they are not expected to significantly impact global supply.
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