Crude Oil Prices Plummet on Record Inventory Build and Downgraded Demand Projections

Crude oil prices plummeted on Thursday following an unexpected surge in US petroleum inventories and revised demand projections from leading energy organizations.

The Energy Information Administration reported a record-breaking weekly increase of 17.4 million barrels, pushing total inventories to 424.4 million barrels, the highest volume since June 5.

Brent crude futures fell by 91 cents, or 1%, to $88.07 per barrel, while WTI crude slipped by 96 cents, or 1.2%, to $82.31.

OPEC reduced its global oil demand growth estimate for 2026 to 580,000 barrels per day, citing decelerating economic expansion and elevated prices.