Oil drops on lower demand forecasts despite deadlock in US-Iran talks
Oil prices fell more than $1 on Thursday as forecasters lowered global oil demand projections for 2026 because of the disruptions from the US-Israeli war on Iran, though the supply constraints from the conflict provided a floor for the market.6 million bpd contraction in consumption this year, down from a forecast of 1 million bpd last month, because of restricted fuel supplies and higher prices from the US-Israeli war on Iran that have curtailed demand.
Oil prices were also under pressure from a surprise build in US commercial crude oil inventories, which posted their largest weekly gain since January 2023 last week as exports slumped, the Energy Information Administration said on Wednesday.
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