Oil dips amid lower global demand forecast

Oil prices dropped significantly today, Thursday, after the International Energy Agency lowered its global oil demand forecast, influenced by disruptions in the Strait of Hormuz and rising fuel prices due to supply interruptions. The agency expects demand to decline by approximately 1.6 million barrels per day this year, an increase of 510,000 barrels from previous estimates. Ongoing maritime tensions and their impact on supplies, especially with the halt of Gulf production reaching 8.3 million barrels per day, are contributing to this outlook, raising the likelihood of further price increases if these disruptions persist.

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