Oil Prices Plummet Over 2% on Weak Demand and US Crude Build

Oil prices retreated over 2% on Thursday as investors focused on weak demand and a significant build in U.S. crude inventories.

The decline followed a week of gains, with Brent futures falling $1.91 to $87.07 per barrel and WTI crude closing down $2.02 at $81.25 per barrel.

The U.S. Energy Information Administration reported that 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.

Both OPEC and the International Energy Agency lowered their 2026 oil demand growth forecasts, with OPEC estimating a decrease of 580,000 barrels per day.