Oil Prices Slip on Weaker Demand and Higher US Crude Stocks
Oil prices declined on Thursday as investors weighed weaker global demand and higher US crude stocks. Brent futures fell by $1, or 1%, to $88.07 a barrel, while WTI crude dropped by $1.20, or 1.2%, to $82.31.
The decline was attributed to the largest weekly gain in US commercial crude oil inventories since January 2023, which rose by 17.4 million barrels to 424.4 million. This growth, combined with lower demand estimates from OPEC and the International Energy Agency, contributed to the price drop.
The IEA reduced its forecast for global oil demand growth in 2026 to 580,000 barrels per day, citing higher prices and restricted supply due to the US-Israeli war with Iran. Supply disruptions in the Middle East and Black Sea regions continued to support oil prices.