Commodities
Oil Prices Plummet on Weaker Demand and Inventory Build
Oil prices fell by over 2% on Thursday, reversing course from a week of gains. Investors focused on signs of weaker global demand and a sharp build in US crude inventories.
The Brent futures contract finished down $1.91, or 2.15%, at $87.07 per barrel, while the US West Texas Intermediate (WTI) crude closed down $2.02, or 2.4%, at $81.25 per barrel.
Data from the US Energy Information Administration showed a 17.4 million-barrel increase in commercial crude oil inventories to 424.4 million in the week ended August 7, their highest since June 5.
The International Energy Agency (IEA) also lowered its global oil demand growth forecast for 2026 to 580,000 barrels per day.