Brent crude oil price stands at $88.94 per barrel

Oil prices edged down slightly on Thursday morning as market participants assessed supply and demand in the global fuel market.

According to trading data, cited by Report, October Brent crude futures on the ICE Futures London exchange fell by 4 cents to $88.94 per barrel.

September WTI crude futures on the New York Mercantile Exchange (NYMEX) fell by $0.13 (0.16%) in electronic trading to $83.14 per barrel.

A day earlier, OPEC lowered its forecast for global oil demand growth in 2026 by 200,000 barrels per day to 580,000 barrels per day. The organization cut its forecast for the fourth consecutive month.

The International Energy Agency expects oil demand to decline by 1.56 million barrels per day this year. The IEA also forecasts a 4.3 million-barrel-per-day reduction in global oil supply, estimating a supply deficit of 1.27 million barrels per day this year.