Oil Prices Fall as OPEC and IEA Slash 2026 Demand Outlooks
AI Summary
Oil prices declined as OPEC and the International Energy Agency lowered their demand forecasts for 2026, despite ongoing geopolitical risks in the Middle East and U.S.-Iran talks stalemate. Brent and WTI crude prices dropped amid concerns over future demand and bearish inventory data.
Despite the ongoing stalemate in the U.S.-Iran talks and persistent risks to shipping in the Middle East, oil prices fell in Asian trading on Thursday, weighed down by cuts to 2026 oil demand forecasts from both OPEC and the International Energy Agency. Brent Crude prices dropped by 0.5% to trade below $89 per barrel at $88.56, easing from the Wednesday intraday high of over $89 a barrel, amid demand concerns and a bearish EIA inventory report. The U.S. benchmark, WTI Crude, traded 0.60% lower at $82.77 in the Asian session. On Wednesday, both…