WTI Crude tests two and half month low on broad demand concerns

WTI Crude oil futures slipped yesterday amid sustained selling pressure as elevated US inventories and a generally tepid assessment of global demand trends weighed on the sentiments. WTI Crude oil futures fell around 1% to test two and half month low under $62 per barrel. International Energy Agency or IEA stated in a monthly update yesterday that global oil demand is projected to increase by 680 kb/d in 2025 and 700 kb/d in 2026, to reach 104.4 mb/d. Despite weaker-than-expected demand in China, India and Brazil in recent months, annual growth of 600 kb/d in 2Q25 occurred entirely in the non-OECD. Consumption in the OECD was flat, with Japan at multi-decade lows. Crude oil inventories in the United States increased by 3.0 million barrels during the week ending August 8, after dropping by 3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The counter gained in Asia today and currently trades at $62.90 per barrel, up 0.40%on the day.

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