Oil drops nearly 2% as investors study demand prospects
Oil tanks
Oil prices dropped nearly 2% today, Aug. 13, amid growing expectations of a decline in global oil demand this year, given the lack of progress in reopening the Strait of Hormuz.
The Energy Information Administration data release on Aug. 12 showed that US crude oil inventories rose at their fastest weekly pace since January 2023 as exports declined.
This comes after the OPEC and the International Energy Agency lowered their forecasts for global oil demand growth in 2026 in their monthly report.
A senior Iranian source said on Aug. 12 that no progress had been made in talks aimed at reviving the interim agreement reached in June between Washington and Tehran, Reuters reported.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
87.33 |
(1.65) |
(1.85%) |
|
WTI (September delivery) |
81.61 |
(1.65) |
(1.95%) |
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