Muscat: Oil prices fell more than $1 today as forecasters lowered global oil demand projections for 2026. Brent futures dropped $1.29, or 1.5%, at $87.69 a barrel. US West Texas Intermediate (WTI) crude decreased by $1.30, or 1.6%, to $81.97.
According to Oman News Agency, the Organization of Petroleum Exporting Countries lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day in its monthly oil market report on Wednesday. On the same day, the International Energy Agency (IEA) announced it expects a 1.6 million barrels per day contraction in consumption this year.
