Oil Prices Tumble on Weaker Demand Outlook and Surging US Crude Stocks

Oil prices dropped on Thursday, August 13, 2026, as investors grew concerned about weaker global demand in 2026. Brent futures dipped 11 cents to $88.87 a barrel by 0624 GMT, trimming gains over the prior six sessions. U.S. West Texas Intermediate (WTI) crude fell 16 cents to $83.11 after advancing over the past five sessions.

A senior market analyst at XS.com, Antonio Di Giacomo, noted that buyers are currently dominating in the short term, but warned of potential volatility and profit-taking around current levels. He highlighted the need for the market to assess whether Middle East supply disruptions can offset moderation in global consumption.

The market's attention turned to the demand outlook after a surprise build in United States crude stocks and lower consumption forecasts from OPEC and the International Energy Agency. U.S. commercial crude oil inventories made their largest weekly gain since January 2023, rising by 17.4 million barrels to 424.4 million in the week ended August 7.