Oil prices traded lower as a stronger U.S. dollar offset higher oil demand forecasts by the International Energy Agency (IEA). The IEA said on Thursday that lower oil prices and economic growth boosted global demand for energy in 2015. The agency expects oil demand to rise to 1.4 million barrels a day in 2015, up 300,000 barrels a day from its previous estimate.
Higher oil demand was driven by gasoline demand growth of 4.2% in the U.S.
The IEA said that there is a glut of oil supplies as OPEC boosted its oil production and as U.S. oil production was still growing.
The agency estimates a rise in oil production in non-OPEC countries by 195,000 barrels a day to one million barrels a day.
WTI crude oil for July delivery decreased to $60.21 a barrel on the New York Mercantile Exchange.
Brent crude oil for July fell to $65.33 a barrel on ICE Futures Europe.