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Commodities

Oil Prices Steady Amid Conflict Over Demand Forecasts

Guavy AI Editorial Team
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Oil
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Oil prices steadied on Wednesday after fluctuating due to conflicting forecasts of global demand and ongoing tensions in the Middle East.

The Brent futures price fell by 3 cents to $88.88 a barrel, while U.S. West Texas Intermediate crude rose by 11 cents to $83.31.

The Organisation of Petroleum Exporting Countries (OPEC) lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, citing a decline in demand due to inventory changes and exports.

Anas Alhajji, managing partner at Energy Outlook Advisors, noted that demand figures include inventory changes, which may differ from actual consumption.

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