Oil Prices Decline: Brent at $105.42, WTI at $100.87

AI Summary

Oil prices showed volatility as OPEC revised down its demand growth estimate for 2026 to approximately 1.2 million barrels per day from 1.4 million bpd. Brent crude futures dropped 0.21% to $105.42 per barrel, while the U.S. West Texas Intermediate futures fell 0.16% to $100.87 per barrel. OPEC production declined by 1.7 million bpd in April, with overall losses exceeding 9.7 million bpd since late February due to the Iran war. The International Energy Agency noted that disruptions from the Strait of Hormuz could further deplete global oil inventories as summer demand approaches.