Oil Prices Tumble as Weaker Demand Forecasts Offset Gold Surge
Oil prices slipped on Thursday as forecasts pointed to weaker global demand, but gold reached its highest level in more than two months due to slowing U.S. inflation.
The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day, while the International Energy Agency predicted a contraction of 1.6 million barrels per day this year.
Oil prices also fell after U.S. commercial crude inventories posted their biggest weekly increase since January 2023 as exports declined, according to data released by the U.S. Energy Information Administration.
However, concerns over potential supply disruptions and stalled talks between Iran and the United States kept crude prices relatively elevated.