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Commodities

Weaker Demand Cuts Oil Prices Amid Middle East Supply Risks

Guavy AI Editorial Team
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Oil
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Oil prices declined on Thursday as concerns over weaker global demand outweighed ongoing supply risks linked to the Middle East conflict.

The Brent crude futures fell by $0.42, or 0.47%, to $88.56 a barrel, while US West Texas Intermediate (WTI) crude dropped by $0.55, or 0.66%, to $82.72.

The Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) downgraded their forecasts for global oil demand growth in 2026 and this year, respectively.

US crude inventories surged by a larger-than-expected 17.4 million barrels, reaching 424.4 million barrels and pushing levels to their highest since June 5.

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