Oil falls on weaker demand outlook and higher US stocks

Oil falls on weaker demand outlook and higher US stocks A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, U. S. February 18, 2025.

REUTERS/Eli Hartman · Reuters By Enes Tunagur Thu, August 13, 2026 at 3:33 PM GMT+2 2 min read CL=F By Enes Tunagur LONDON, Aug 13 (Reuters) - Oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher U. S. crude stocks, though prices ‌found support from a lack of progress in talks over the blockaded Strait of Hormuz ‌and disruptions to supply.

Brent futures were down $2. 20, or 2. 47%, at $86.

78 a barrel by 1324 GMT, trimming gains accumulated over the ​previous six sessions. U. S.

West Texas Intermediate (WTI) crude fell $2. 34, or 2. 81%, to $80.

93 after advancing over the past five sessions. The large crude stocks build in the U. S.

last week is a headwind for prices, said UBS analyst Giovanni Staunovo, adding that the downside should be limited as long as flows through the Strait of ‌Hormuz remain depressed. U. S.

commercial crude oil ⁠inventories made their largest weekly gain since January 2023 as exports slumped, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 17. 4 million ⁠barrels to 424.

4 million in the week ended August 7, their highest since June 5, the EIA said. A Reuters poll of analysts had predicted a draw of 1. 4 million barrels.

Meanwhile, OPEC lowered its world oil ​demand ​growth forecast for 2026 to 580,000 barrels per day ​in its monthly oil market report. The IEA ‌said it expected a contraction of 1. 6 million bpd in consumption this year, versus a forecast of 1 million bpd last month, with demand curtailed by higher prices and restricted supply due to the U.

S. -Israeli war with Iran. Supply disruptions in the Middle East and the Black Sea region continued to support oil prices, with the U.

S. and Iran making competing claims over the Strait of Hormuz. The strait ‌is "under Iran's control and management", the recently appointed head ​of Iran's Basij paramilitary unit said on Thursday, a day ​after U.

S. President Donald Trump said the ​United States had "total control" of the strategic waterway. Strait of Hormuz vessel crossings excluding ‌container ships dropped to five on Wednesday, ​their lowest in three weeks, ​Kpler shipping data showed.

Adding to market tightness, Russia's seaborne oil product exports in July dropped by 33. 3% on a daily basis from June and 54. 7% from the same month a ​year ago to 3.

93 million ‌metric tons after Ukrainian drone attacks led to unplanned maintenance at key domestic refineries, industry ​sources said and Reuters calculations show.