Oil drops on higher US inventories

Oil prices declined on Thursday, pressured by rising U.S. crude inventories and expectations of weak global oil demand in 2026. U.S. commercial crude inventories rose by a record 17.4 million barrels in one week, amid declining exports, reaching the highest oil stock levels since June. Meanwhile, OPEC lowered its global oil demand growth forecast for 2026 to 580,000 barrels per day, citing expectations of reduced oil consumption due to higher prices and supply restrictions resulting from tensions in the Middle East, including escalated statements regarding the Strait of Hormuz. Currently, the market is focused on the decrease in vessel passages through the strait and Russia's oil product exports, which have fallen by up to 54.7% compared to last year due to Ukrainian attacks on Russian refineries.

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