Commodities
Weaker Demand Outlook Weighs on Oil Prices as Supply Concerns Linger
Oil prices have eased after recent gains as concerns about weaker global demand this year outweighed worries over supply disruptions in the Middle East.
Brent futures slipped 42 cents, or 0.47%, to $88.56 a barrel by 0405 GMT, while West Texas Intermediate (WTI) crude fell 55 cents, or 0.66%, to $82.72.
The demand outlook took center stage after a surprise build in U.S. commercial crude oil inventories and lower consumption forecasts from OPEC and the International Energy Agency.
In a significant development, the Organization of the Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report.