empty
 
 

13.08.202614:50:13UTC+00Crude Oil Pulls Back on Thursday

Crude oil slipped below $81 a barrel on Thursday, snapping a five-session rally, as investors refocused on weakening demand prospects amid continued disruption around the Strait of Hormuz. Market participants are tracking flows through the strategic shipping lane, with diplomatic efforts to halt the Iran conflict and restore normal transit still deadlocked.

In response, major producers such as Saudi Arabia and the UAE are exploring alternative routes and methods to sustain exports, and some tankers are reportedly switching off their transponders while passing through the strait.

The International Energy Agency has cut its global oil demand forecast, cautioning that the prolonged conflict and persistently high prices are increasingly curbing consumption. The agency now projects a supply shortfall of 1.8 million barrels per day this quarter—more than double its previous estimate. At the same time, US crude inventories jumped by 17.4 million barrels last week.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback