Oil Prices Edge Down Amid Global Fuel Market Reassessments

Oil prices have edged down slightly on Thursday morning as market participants assess supply and demand in the global fuel market. The price of October Brent crude futures fell by $0.04 to $88.94 per barrel, according to trading data. This comes after OPEC lowered its forecast for global oil demand growth in 2026 by 200,000 barrels per day to 580,000 barrels per day.

The International Energy Agency expects a decline of 1.56 million barrels per day in oil demand this year and forecasts a supply deficit of 1.27 million barrels per day due to a reduction of 4.3 million-barrel-per-day global oil supply.