Oil Prices Slide on Weaker Demand Forecasts and Higher US Inventories
Oil prices declined on Thursday as investors assessed weaker global demand and higher U.S. crude stocks, despite tensions in the Strait of Hormuz and disruptions to supply.
Brent futures fell 91 cents, or 1%, to $88.07 a barrel at 0800 GMT, trimming gains over the prior six sessions, while U.S. West Texas Intermediate (WTI) crude dropped 96 cents, or 1.2%, to $82.31.
The decline was attributed to lower demand estimates by the Organization of the Petroleum Exporting Countries and the International Energy Agency, as well as a large weekly gain in U.S. commercial crude oil inventories.
The EIA reported that inventories rose by 17.4 million barrels to 424.4 million in the week ended August 7, their highest since June 5, while OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day.