Oil prices continue to fall for the second consecutive day amid a significant increase in fuel inventories in the US, the world's largest oil consumer. In the near term, the focus will be on demand trends in China, as well as on the energy and trade policies of the new US administration.

Analysts' Forecast

Meanwhile, analysts at JPMorgan forecast a 1.4 million bpd increase in global oil demand in January compared to last year, to 101.4 million barrels. The main drivers of growth will be increased consumption of fuel for heating and increased travel in China before the holidays.