Oil falls over 1% as OPEC and IEA flag weaker demand

Crude oil futures slipped on Thursday, with WTI falling below $82 and Brent trading around $87.9 per barrel, as fresh OPEC and IEA forecasts pointed to weaker oil demand in 2026. OPEC expects global demand to grow by 0.58 million barrels a day, while the IEA projects a sharp 1.6 million-barrel-a-day decline, citing the prolonged Strait of Hormuz disruption and elevated fuel prices. On the domestic front, August crude futures on MCX traded at ₹7,837 per barrel, down 1.15%, adding to the bearish tone as markets weighed softer consumption prospects against ongoing supply risks.

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