Oil prices slip as OPEC cuts demand forecast; Iran war keeps supply risks alive

AI Summary

Oil prices have declined following lowered global demand forecasts from OPEC and the IEA, combined with rising US inventories. However, supply risks remain due to ongoing geopolitical tensions in the Strait of Hormuz and Bab el-Mandeb Strait coupled with inconclusive Iran-US negotiations.

Oil prices have witnessed a decline due to lowered global demand forecasts and a notable increase in US inventories. Both OPEC and the IEA have adjusted their oil demand growth projections downward for the near future. Ongoing tensions in the Strait of Hormuz and Bab el-Mandeb Strait are amplifying supply concerns, while negotiations between Iran and the US remain inconclusive.