Oil Prices Are Falling on Global Markets: The Main Reasons

13 August 14:38

Oil prices are edging lower on Thursday, August 13, as market participants assess supply and demand in the global fuel market. This is reported by "Komersant Ukrainian", citing “Interfax-Ukraine.”

October Brent futures on the London-based ICE Futures exchange are trading at $88.94 per barrel, down 4 cents from the previous session’s close. On Wednesday, they rose by 7 cents to $88.98 per barrel.

September WTI crude oil futures on the New York Mercantile Exchange (NYMEX) electronic trading platform have currently fallen by $0.13 (0.16%) to $83.14 per barrel. At the close of the previous session, their price had risen by 7 cents to $83.27 per barrel.

The day before, OPEC raised its forecast for global oil demand growth in 2026 by 200,000 barrels per day (bpd) to 580,000 bpd. The organization has been lowering its forecast for the fourth consecutive month.

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The International Energy Agency (IEA) expects oil demand to decline by 1.56 million bpd this year. The IEA also forecasts a reduction in global oil supplies of 4.3 million bpd, estimating a supply deficit in this market of 1.27 million bpd.

In addition, the weekly report from the U.S. Department of Energy released on Wednesday showed the largest increase in the country’s commercial oil inventories since January 2023 last week—up by 17.42 million barrels. Gasoline inventories in the U.S. fell by 968,000 barrels, while distillate inventories declined by 10,000 barrels.

Investors are also continuing to monitor the situation in the Middle East. The Anadolu Agency, citing a source, reported that the U.S. and Iranian sides have agreed to extend the ceasefire.