Oil prices fall but Brent holds above $65

Oil drilling rigs

Oil prices declined today, June 4, the Organization for Economic Cooperation and Development (OECD) lowered its forecast for US economic growth, with President Donald Trump's tariff crisis casting a shadow over the outlook.

Brent crude was trading down 0.4% at $65.36 a barrel, at 08:07 am Makkah time. West Texas Intermediate (WTI) crude fell 0.45% to $63.13 a barrel.

US growth forecasts were lowered to just 1.6% this year, after the OECD in March forecast 2.2% growth in 2025, and said global GDP growth is expected to slow to 2.9% this year from 3.3% in 2024.

Markets are awaiting the release of official weekly US inventory data from the Energy Information Administration later today, after the American Petroleum Institute estimated that crude oil inventories fell by 3.3 million barrels, while gasoline and distillate inventories rose by about 4.7 million and 760,000 barrels, respectively.