Oil prices fall as Brent crude drops to $88 a barrel
Oil prices declined on Thursday after analysts lowered global demand forecasts for 2026, though supply constraints kept prices relatively high.
Key Takeaways
AIOil prices fell on Thursday after analysts cut their forecasts for global oil demand in 2026 due to disruptions caused by the US-Israeli war against Iran, although supply constraints from the conflict kept prices relatively elevated.
Brent crude futures dropped $0.27, or 0.3%, to $88.71 a barrel by 04:15 GMT. US West Texas Intermediate crude fell $0.37, or 0.44%, to $82.90.
The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth in 2026 to 580,000 barrels per day in its monthly oil market report released on Wednesday.