Oil Prices Slide on Weak Demand and Higher US Stocks Amid Supply Disruptions

Oil prices declined on Thursday as investors assessed weaker global demand prospects for this year and higher US crude stocks.

The Brent futures price dropped by 91 cents, or 1%, to $88.07 a barrel at 0800 GMT, trimming gains over the prior six sessions.

This decline was partly due to the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency's lower demand estimates for this year.

OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report.

Additionally, US West Texas Intermediate (WTI) crude fell by 96 cents, or 1.2%, to $82.31 after advancing over the past five sessions.

The increase in US commercial crude oil inventories also contributed to the price drop, rising by 17.4 million barrels to 424.4 million in the week ended August 7, their highest since June 5.