Oil falls amid uncertain demand

Oil drilling rigs

Oil prices fell today, Sept. 25, after hitting a seven-week high in the previous session, amid uncertainty over supply and demand forecasts.

Brent crude was trading down 0.4% at $69.02 a barrel, at 07:53 am Makkah time, and West Texas Intermediate (WTI) slipped 0.45% to $64.69 a barrel.

A report by J.P. Morgan noted that air passenger traffic in the US in September recorded a slight increase of 0.2% year-on-year. This marked a slowdown compared to the strong growth of 1% in each of the previous two months, coinciding with a decline in demand for gasoline, Reuters reported.

Oil prices rose 2.5% on Sept. 24, hitting their highest levels since Aug. 1, driven by a surprise drop in US oil inventories and concerns that Ukraine's attacks on Russia's energy infrastructure could disrupt supplies.