At 12:15 p.m. ET, December NYMEX West Texas Intermediate was down 25 cents at $88.50 a barrel, while January WTI fell 45 cents to $87.20. On ICE, January Brent lost 15 cents to $95.70 a barrel and February Brent dropped 45 cents to $93.10.

Refined-product futures also eased. December RBOB fell about 4 cents to $2.6310 a gallon, and January RBOB was down 3.65 cents at $2.5965. December ULSD declined 2.45 cents to $4.2615 a gallon; January ULSD slipped 2.25 cents to $4.1660.

In its monthly report, the IEA said oil markets were showing early signs of rebalancing after months of wartime supply shocks. Rebounding crude production in the Middle East is outpacing a sluggish recovery in global fuel demand, the agency said.