Oil drops on weak demand outlook
Oil prices declined by more than one dollar due to lowered global demand forecasts for 2026, as a result of disturbances caused by the American-Israeli war against Iran. Brent crude dropped to $87.69, while U.S. West Texas Intermediate (WTI) fell to $81.97. While ongoing supply constraints and regional conflicts have kept prices at relatively high levels, OPEC has adjusted downward its demand growth forecast to 580,000 barrels per day. The International Energy Agency (IEA) projects a consumption contraction of 1.6 million barrels per day this year due to rising prices and reduced supplies. Meanwhile, U.S. oil inventories increased by 17.4 million barrels—the highest since June—amid continued deadlock in negotiations between Iran and the United States and security frustrations that hinder shipping through the Strait of Hormuz and the Bab el-Mandeb Strait.
Notice: This Is an AI-Generated Summary
Comments (0)