Oil prices deepened their losses, today, Aug. 12, but still heading for weekly gains, amid contradictory forecasts for demand from OPEC and the International Energy Agency (IEA).
The IEA boosted its forecast for global oil demand growth this year as soaring natural gas prices and heat waves spur industry and power generators to switch their fuel to oil. It noted that OPEC+ will unlikely increase output over the next months on limited spare capacity.
On the other hand, OPEC stated that the global oil market is expected to witness a surplus in the current quarter.
Brent crude futures for October delivery fell 1.34%, or $1.33, to $98.27 a barrel at 3:26 pm Makkah time.
US West Texas Intermediate (WTI) crude futures also dropped 1.56%, or $1.47 a barrel, to $92.87 a barrel, but still higher this week.
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