WTI Prices Take a Hit

West Texas Intermediate (WTI) prices experienced a significant drop, declining by over 4% on Thursday. This downturn comes in response to the International Energy Agency (IEA) adjusting its global oil demand forecasts for 2025 and 2026, highlighting emerging signs of a demand slowdown.

Supply Concerns Intensify

Adding to the market's unease, the EIA reported an unexpected 3.4 million barrel increase in US crude inventories last week. This follows industry data indicating a 4.3 million barrel rise, further stoking fears of an oversupply.

Market Reactions

At 4:48 am ET, WTI for June deliveries was down 4.07%, trading at $60.60 per barrel. Similarly, Brent for July settlements saw a 3.84% decrease, settling at $63.59.