05:02 AM EDT, 08/13/2025 (MT Newswires) -- Crude oil prices fell on Wednesday after the International Energy Agency raised its oil supply forecast for 2025 and the U.S. Energy Information Administration in its latest outlook report expects supply to exceed demand.

Brent crude at last look fell 0.7% to US$65.63/barrel and West Texas Intermediate crude lost 0.9% to US$62.60/b.

This comes after the IEA released its August Oil Market Report and the EIA released its August Short-Term Energy Outlook.

The IEA raised its oil supply growth forecast by 370,000 barrels per day to 2.5 million b/d for 2025 and by 620,000 b/d to 1.9 million b/d in 2026, citing the Organization of the Petroleum Exporting Countries and allied producers' agreement to boost output in September.

The EIA also cited OPEC+'s move in saying it expects a significant decline in oil prices as global oil supply growth vastly surpasses demand growth.

The market also awaits official data from the U.S. government on its crude inventories. According to market sources citing American Petroleum Institute figures, U.S. crude stockpiles are seen to have risen by 1.52 million barrels last week, Reuters said in a Wednesday report.