India, Feb. 16 -- Oil prices fell on Friday after reaching their highest level in three months the previous day on signs that OPEC+ members are complying with supply cuts.
Benchmark Brent crude futures fell 0.9 percent to $82.13 a barrel, while WTI crude futures dropped 0.7 percent to $77.44.
Prices traded lower today following a gloomy demand outlook from the International Energy Administration (IEA).
The IEA forecast slower global oil demand growth, in contrast to the view held by the Organization of the Petroleum Exporting Countries (OPEC).
IEA's February oil market report said global demand growth is losing momentum, with annual gains easing from 2.8 million barrels-a-day in Q3 of 2023 to 1.8 million barrels-a-day in Q4 of 2023.
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