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Oil prices steady on weak demand
Oil prices are stable today amid new developments from OPEC and the International Energy Agency (IEA), which have downgraded their oil demand growth forecasts for 2026. This comes amid rising geopolitical tensions in the Middle East and attacks on ships in the Strait of Hormuz and the Bab el-Mandeb Strait. OPEC has lowered its demand growth forecast by 580,000 barrels per day, while the IEA warned of a demand contraction of 1.6 million barrels in 2026, with an expected oil market deficit of 1.27 million barrels daily during the year. Additionally, U.S. oil inventories reached their highest weekly level since January 2023, driven by declining exports and increasing imports. Oil prices have experienced fluctuations, with Brent crude falling to $88.88 per barrel and West Texas Intermediate rising to $83.31.
Notice: This Is an AI-Generated Summary
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