Oil Falls Over 1%, Gold Hits Two-Month High Amid Lower Demand Forecasts

Commodity markets were mixed on August 13, as crude oil prices fell over 1% due to lower global demand forecasts. Brent crude futures dropped $1.29, or 1.5%, to $87.69 a barrel, while WTI crude declined $1.30, or 1.6%, to $81.97.

The decrease in oil prices came as forecasters lowered their 2026 global oil demand projections amid disruptions from the US-Israeli conflict on Iran.

However, supply constraints from the conflict continued to provide some support for oil prices.

In contrast, gold prices rose to a two-month high after softer-than-expected US inflation data eased near-term concerns over further Federal Reserve rate hikes. The dollar index traded around 99.93.