Oil prices edge lower as markets assess global supply, demand

Oil prices edged lower on the morning of August 14 as market participants assessed supply and demand conditions in the global fuel market, according to trading data.

October Brent crude futures on London’s ICE Futures exchange fell by 4 cents to $88.94 per barrel, Caliber.Az reports.

September WTI crude futures on the New York Mercantile Exchange (NYMEX) electronic trading platform declined by $0.13, or 0.16%, to $83.14 per barrel.

A day earlier, OPEC cut its forecast for global oil demand growth in 2026 by 200,000 barrels per day to 580,000 barrels per day. The organisation lowered its forecast for the fourth consecutive month.

The International Energy Agency (IEA) expects global oil demand to decline by 1.56 million barrels per day this year. The agency also forecasts a 4.3 million-barrel-per-day decline in global oil supplies, estimating a supply deficit of 1.27 million barrels per day for the year.

By Jeyhun Aghazada