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Oil Prices Plunge on Weaker Demand Outlook and Higher US Stocks

Guavy AI Editorial Team
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Oil
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Oil prices declined on Thursday due to weaker demand prospects and higher US stocks. Brent futures fell by $1.66, or 1.9%, to $87.32 a barrel at 0935 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.62, or 1.95%, to $81.65.

The large build in US crude inventories last week is weighing on prices, according to UBS analyst Giovanni Staunovo. The inventory levels rose by 17.4 million barrels to 424.4 million in the week ended August 7, their highest since June 5.

Supply disruptions and tensions in the Middle East are supporting oil prices, despite the weaker demand outlook. OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day.

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