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International Energy Agency slashes global oil demand outlook; Brent crude, WTI prices fall 2% on demand concerns

The International Energy Agency has reduced its global oil demand forecast, leading to a 2% drop in Brent crude prices to $87.17 per barrel and a 2.2% decline in West Texas Intermediate prices to $81.41 per barrel amid concerns over weakening demand.

qz.com qz.com13 August 2026 · 16:59 UTC
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“The demand outlook cut comes amid the ongoing U.S.-Iran war, which has kept markets anxious. Brent settled at $87.17 per barrel, while WTI traded at $81.41, reflecting the market's focus on softening demand rather than geopolitical supply risks.”
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qz.comqz.com
“Brent crude futures were down 2% at $87.17 per barrel on Thursday, with West Texas Intermediate futures off 2.2% at $81.41 per barrel, as anxiety over softening oil demand overshadowed the backdrop of the continuing U.S.-Iran war.”
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