Oil Prices Fall as OPEC and IEA Slash 2026 Demand Outlooks
Oil prices fell after OPEC and the International Energy Agency cut 2026 demand outlooks, while U.S. crude stockpiles jumped 17.4 million barrels, the EIA said.
- Oil prices fell in Asian trading on Thursday despite persistent risks to shipping in the Middle East and a deadlock in talks involving Iran.
- Both the International Energy Agency and OPEC slashed their 2026 oil demand forecasts on Wednesday, citing the ongoing closure of the Strait of Hormuz.
- According to the Energy Information Administration, crude inventories built by 17.4 million barrels for the week ending August 7, pushed by a 1.14 million barrel per day import increase to 424.4 million barrels.
- Brent Crude dropped 0.5% to trade below $89 per barrel, while WTI Crude fell 0.60% in the Asian session.
- The IEA projects oil demand will slump 1.6 million barrels per day this year, while OPEC expects growth, though it slashed its outlook to 580,000 barrels per day.
20 Articles
20 Articles
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Oil slips on weaker demand outlook and higher US stocks amid supply disruptions
LONDON: Oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher US crude stocks, while prices found support from a lack of progress in talks over the blockaded Strait of Hormuz and disruptions to supply. Brent futures were down 91 cents, or 1%, to $88.07 a barrel at 0800 GMT, trimming gains over the prior six sessions. US West Texas Intermediate (WTI) crude fell 96 cents, or 1.2%, to $82.31, …
Oil Prices Fall as OPEC and IEA Slash 2026 Demand Outlooks
Despite the ongoing stalemate in the U.S.-Iran talks and persistent risks to shipping in the Middle East, oil prices fell in Asian trading on Thursday, weighed down by cuts to 2026 oil demand forecasts from both OPEC and the International Energy Agency. Brent Crude prices dropped by 0.5% to trade below $89 per barrel at $88.56, easing from the Wednesday intraday high of over $89 a barrel, amid demand concerns and a bearish EIA inventory report. …
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