Oil dips on demand worries after unexpected U.S. crude build

Oil prices have decreased by 0.4% as a result of rising concerns surrounding demand following weaker-than-expected economic data from China and the US, which are the biggest oil consumers. The international Energy Agency has increased its global oil demand forecast for this year by 200k bpd to 102 million bpd, although analysts predict that too much oil is still available and the economic outlook remains uncertain. In addition, talks on raising the US debt ceiling continue to weigh on the market, while the G7 is expected to announce new steps on expanding sanctions on Russia at its upcoming summit in Japan.