WTI Oil Prices Slip as Weaker Demand Forecasts Offset Supply Disruptions
West Texas Intermediate (WTI) oil prices are trading modestly lower on Thursday, weighed down by weaker demand forecasts from OPEC and the International Energy Agency (IEA). The WTI price is currently around $80.50 per barrel, down 1.35% on the day.
The Strait of Hormuz remains closed, with both the US and Iran claiming control of the waterway, limiting commercial shipping and keeping a geopolitical risk premium embedded in energy prices.
OPEC now expects global oil demand to grow by 580,000 barrels per day (bpd) in 2026, down from its previous forecast of 780,000 bpd. The IEA is even more bearish, forecasting demand to fall by 1.6 million bpd over the same period.
The technical picture for WTI oil is neutral, with the Relative Strength Index (RSI) hovering near the 50 mark and the Moving Average Convergence Divergence (MACD) indicator flattening around the zero line.