Oil prices fell close to 2% after the International Energy Agency lowered its 2025 global demand growth forecast, citing weak industrial output from China and Europe. The agency projected slower refinery activity and reduced transportation-fuel consumption across major economies. Traders reacted quickly as Brent and WTI futures slipped, with energy equities also facing mild selling pressure. Analysts said the revised outlook highlights structural vulnerabilities in global manufacturing. Market participants are now watching OPEC+ supply decisions, which could influence prices in the coming weeks.