CRUDE OIL PRICES: BRENT FELL $88 AS A RESULT OF A SHARP DROP IN UNITED STATES STOCK

ON 13 AUGUST, THE PRICE OF WTI CRUDE OIL FELL BY 1.3 PER CENT AS A RESULT OF THE SURGE IN UNITED STATES STOCK, REPORTING US$ 82.19 PER BARREL, AND BRENT CRUDE OIL BY 1.16 PER CENT, REPORTING US$ 87.95. THE UNITED STATES COMMERCIAL CRUDE OIL STOCK INCREASED BY 17.4 MILLION TO 424.4 MILLION BARRELS, THE LARGEST WEEKLY INCREASE SINCE JANUARY 2023, AND ANALYSTS WERE EXPECTED TO REDUCE BY 1.4 MILLION BARRELS. OPEC IS EXPECTED TO ADJUST THE INCREASE IN GLOBAL OIL DEMAND IN 2026 TO 580,000 BARRELS PER DAY, WHILE THE INTERNATIONAL ENERGY AGENCY PREDICTS THAT GLOBAL OIL DEMAND WILL SHRINK BY 1.6 MILLION BARRELS PER DAY IN 2026. THE SITUATION IN THE STRAIT OF HORMUZ REMAINS TENSE, DESPITE WEAK DEMAND AND GEOPOLITICAL RISKS THAT UNDERPIN OIL PRICES。