Oil drops over a dollar on weak demand
Oil prices have fallen by more than a dollar, with Brent crude dropping to $87.69 per barrel and West Texas Intermediate to $81.97. This comes after analysts lowered their global oil demand forecasts for 2026 due to tensions arising from the US-Israel war against Iran. OPEC has reduced its global demand growth outlook to 580,000 barrels per day, while the International Energy Agency expects a contraction in oil consumption of 1.6 million barrels per day this year. Despite supply restrictions, prices have remained high.
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