Commodities
Oil Prices Slip Amid Weaker Demand and Higher US Crude Stocks
Oil prices declined on Thursday as investors assessed weaker global demand and higher US crude stocks. Brent futures fell $2.20, or 2.47%, to $86.78 a barrel by 1324 GMT, trimming gains accumulated over the previous six sessions.
The large build in crude stocks in the US last week is a headwind for prices, said UBS analyst Giovanni Staunovo. He added that the downside should be limited as long as flows through the Strait of Hormuz remain depressed.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report. The IEA also predicted a contraction of 1.6 million bpd in consumption this year, versus a forecast of 1 million bpd last month.