Crude oil futures fall as OPEC, IEA predict decline in demand in 2026
At 10.01 am on Thursday, October Brent oil futures were at $88.79, down by 0.21 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $82.96, down by 0.37 per cent.
Crude oil futures declined on Thursday morning as OPEC and the International Energy Agency (IEA) forecasted a drop in oil demand for 2026. Brent oil futures fell to $88.79, down 0.21%, while West Texas Intermediate (WTI) futures dropped to $82.96, off by 0.37%. In India, August crude oil futures at MCX fell to ₹7906, a 0.28% decrease, and September futures were at ₹7831, down 0.18%.
OPEC's August Oil Market Report predicted a 0.58 million barrel daily increase in global demand in 2026, while the IEA forecasted a 1.6 million barrel daily decline, citing the Strait of Hormuz closure and high fuel prices. US President Trump claimed US control over the Strait of Hormuz, while ING's commodities strategists noted oil prices fell through Wednesday's trading as there was little fresh news about the US-Iran situation.
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