Brent slipped to $88.79 and WTI to $82.96 after the IEA widened its 2026 demand decline forecast to 1.6 million bpd. Traders now wait on the Strait of Hormuz.
Alpha Score of 75 reflects strong overall profile with strong momentum, strong value, strong quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
Crude oil futures fell Thursday morning after OPEC and the International Energy Agency both trimmed their 2026 oil demand expectations.
At 10:01 a.m., October Brent was at $88.79, down 0.21%. September WTI stood at $82.96, off 0.37%. On MCX, August crude futures traded at ₹7,906 against a previous close of ₹7,928, a 0.28% decline. September contracts were at ₹7,831, down 0.18%.
OPEC's August Monthly Oil Market Report forecast global oil demand growth of 0.58 million barrels a day in 2026, a slight downward revision from last month's assessment. The agency sees OECD demand slipping by about 40,000 barrels a day, with non-OECD growth near 0.6 million barrels a day.
The IEA's August Oil Market Report projected world oil demand declining by 1.6 million barrels a day in 2026, 510,000 barrels a day more than its previous estimate. The agency attributed the revision to an ongoing closure of the Strait of Hormuz and elevated fuel prices. Annual contractions are set to ease from 4.9 million barrels a day in the second quarter to 2.8 million in the third, before returning to growth in the final quarter.
President Donald Trump said on Truth Social that the U.S. has "total control" over the Strait of Hormuz, calling the naval blockade "a wall of steel." He said Iran has no navy and no air force, and that the country's leadership is uncertain. Traders now wait on the Strait of Hormuz, where the blockade remains in place.
Elsewhere in commodities, August aluminium futures on MCX traded at ₹350.20, down 0.77% from the previous close of ₹352.90. On NCDEX, August guarseed contracts were at ₹6,031, down 1.15%, and August cottonseed oilcake futures were at ₹4,104, down 0.85%.
Warren Patterson, head of commodities strategy at ING, and Ewa Manthey, a commodities strategist at the bank, said oil prices edged lower through Wednesday's session, with Brent ending largely flat. There was little fresh development between the U.S. and Iran, with both sides in a deadlock. A large drone attack on Russia's Novorossiysk port appears to have spared oil infrastructure, with no reported damage to terminals, they said. ING holds an Alpha Score of 75 out of 100 at AlphaScala, a Strong rating.
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