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Oil drops amid lowered demand forecast
Oil prices indicate a decline due to lowered expectations for global demand in 2026, along with an unexpected increase in U.S. crude inventories to 424.4 million barrels, the highest level since June, contradicting forecasts of a 1.4 million barrel decrease. Additionally, OPEC has cut its projections for global demand growth by approximately 580,000 barrels per day, while the International Energy Agency (IEA) anticipates a contraction in consumption by 1.6 million barrels per day due to military tensions and supply constraints. Despite this, prices remain comparatively high owing to the lack of progress in talks to end the war and revive the oil agreement. Moreover, increased security concerns have reduced transparency in the oil shipping sector, further elevating uncertainty in the global oil market.
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