Oil Prices Drop 3% as IEA Trims Global Demand Growth Outlook

Oil prices experienced a significant decline of approximately 3% on Thursday, reacting to a revised global demand growth forecast from the International Energy Agency (IEA). Brent crude futures traded near $67 per barrel, while U.S. West Texas Intermediate (WTI) slipped into the $62 range. The IEA reduced its 2026 global oil demand growth projection to 850,000 barrels per day, a notable decrease from its previous estimate of 930,000 bpd just a month prior. This downward revision exacerbated existing market concerns regarding rising oil supply. The move signals a more cautious outlook for future oil consumption, putting downward pressure on prices.