Brent crude futures fell by 33 cents, or 0.45%, to $72.55 per barrel by 0730 GMT, while U.S. West Texas Intermediate (WTI) futures dropped 32 cents, or 0.46%, to $69.06.
China's Sinopec warned in its annual energy outlook that its oil imports may peak in 2025, with consumption possibly plateauing by 2027, as demand for diesel and gasoline weakens.
The oil market remains in a stabilization phase amid uncertainty about future demand growth, according to Emrill Jamil, a researcher at the London Stock Exchange Group.
Additionally, a stronger dollar, which hit a two-year high, weighed on oil prices after the U.S. Federal Reserve indicated it would take a cautious approach to interest rate cuts in 2025. A stronger dollar makes oil more expensive for holders of other currencies, potentially dampening economic growth and reducing crude demand.
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