Oil prices slipped on Thursday as markets weighed macroeconomic concerns, including the risk that tariff wars between the U.S. and other countries could hurt global demand. Brent futures were down 54 cents,

Global oil demand is under pressure from the escalating trade war at the same time that OPEC+ is reviving output, threatening to deepen a supply surplus, the International Energy Agency said.

Crude oil fell, with market sentiment weighed by concerns over the potential economic impact of trade tariffs along with a fresh warning over a potential surplus in global crude supply.