Oil Futures Hold Near Three-Month Lows Amid Demand Concerns

Oil futures edged lower on June 17, hovering near three-month lows, amid concerns over weak demand from China and potential for increased supply. Brent crude traded at $81.79 per barrel, a 0.1% decrease, while U.S. West Texas Intermediate (WTI) futures were at $77.71, down 0.2%. The Organization of the Petroleum Exporting Countries and allies (OPEC+) recently agreed to gradually phase out 2.2 million barrels per day (bpd) of voluntary production cuts starting October 2026. This decision adds to supply concerns, even as U.S. crude inventories are expected to have fallen by 2.4 million barrels for the week ended June 14. China's May industrial output missed forecasts, signaling persistent economic headwinds.