OPEC and IEA slash 2026 oil demand forecasts, countering Middle East supply disruptions and capping price declines.
West Texas Intermediate crude trades at $80.50 per barrel, down 1.35% as weaker demand outlooks from OPEC and the IEA weigh on prices. The Strait of Hormuz remains closed, keeping shipping volumes below pre-war levels and supporting a geopolitical risk premium.
OPEC reduced its 2026 demand growth forecast to 580,000 barrels per day from 780,000 bpd, while the IEA expects a decline of 1.6 million bpd. Technical indicators show neutral momentum, with WTI below the 20-day Bollinger Band SMA at $81.63 and volatility expanding between $73.12 and $90.13.
Immediate resistance lies at $81.63, with the RSI near 50 and MACD flattening, signaling limited directional bias despite heightened price swings.