09:07 - 13.08.2026

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August 13, Fineko/abc.az. Oil prices fell by more than $1 on Thursday following downward revisions to 2026 global demand forecasts, though supply tightness surrounding Iran helped cap broader losses.

Brent crude futures declined 1.5% to $87.69 per barrel, while US West Texas Intermediate (WTI) fell 1.6% to $81.97 per barrel.

Market Drivers:

• OPEC & IEA Demand Outlook: OPEC lowered its 2026 global demand growth estimate to 580,000 barrels per day (bpd). Meanwhile, the International Energy Agency (IEA) expects global oil consumption to contract by 1.6 million bpd this year due to ongoing supply disruptions and elevated prices.

• US Crude Inventory Surge: EIA data revealed that US commercial crude inventories surged by 17.4 million barrels in the week ending August 7 to 424.4 million barrels, marking the largest weekly build since January 2023.