Oil Prices Plummet on Weaker Demand and US Crude Build
Oil prices plummeted more than 2% on Thursday after investors focused on weaker global demand and a sharp build in US crude inventories.
The Brent futures contract finished at $87.07 a barrel, down from its previous close of $89.98, while the WTI crude contract closed at $81.25 a barrel, down 2.4% from its previous close of $83.27.
US commercial crude oil inventories rose by 17.4 million barrels to 424.4 million in the week ended August 7, their highest since June 5, according to data from the US Energy Information Administration.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, while the International Energy Agency predicted a contraction of 1.6 million bpd in consumption this year due to higher prices and restricted supply.