Oil Prices Mixed as OPEC and IEA Cut Demand Outlook

Oil prices were mixed on Wednesday after major energy agencies reduced their forecasts for global oil demand. The Organisation of Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2026 to 580,000 barrels per day.

The International Energy Agency (IEA) also revised its outlook lower, projecting a contraction in global oil demand of 1.6 million barrels per day this year. This follows preliminary data showing a sharp increase in US crude inventories.

Despite the reduced forecasts, geopolitical tensions and shipping disruptions in the Middle East continued to support prices. Brent crude futures were down 0.25%, at $88.69, while US WTI crude was up 0.22% and trading at $83.44.