Oil futures headed lower on Thursday after the International Energy Agency’s monthly report underscored worries that rising global trade tensions could undercut energy demand.

Crude oil prices dipped despite a significant U.S. gasoline inventory draw indicating strong demand, as concerns about global economic impact and increased OPEC production weighed on the market.

The mood at Houston’s big annual oil and gas get-together has been upbeat on the prospects for the industry under a fossil fuel-friendly Trump administration. But there’s a significant catch: some of the biggest oil traders are getting more bearish on the outlook for crude prices.