Oil Prices Ease as Weaker Demand Outlook Counters Mideast Supply Concerns

Oil prices experienced a slight decline after previous gains, as market attention shifted towards expectations of reduced global oil demand for the year. This comes despite ongoing concerns regarding supply from the Strait of Hormuz. U.S. commercial crude oil inventories saw their largest weekly increase since January 2023 due to a slump in exports. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day.