Oil Prices Fall Amid Lower Demand Forecasts, Gold Hits Two-Month High

Commodity markets were mixed on August 13, with crude oil prices falling 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 decline in oil prices was attributed to forecasters lowering their 2026 global oil demand projections amid disruptions from the US-Israeli war on Iran. Despite supply constraints from the conflict providing some support, lower demand forecasts weighed on crude oil prices.

However, 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. Spot gold gained as much as 0.9% to around $4,450 an ounce, extending Wednesday's 0.9% rise.