Crude oil prices fell 1.3% to ₹5,476, driven by the International Energy Agency’s forecast of a growing oil surplus this year and next. The IEA predicts inventories to rise at a record pace, reaching a 46-month high by June 2026.
Despite expectations of peak US production, gains are supported by improved well efficiency. Geopolitical developments, including the upcoming US-Russia summit, influenced market sentiment.
US crude inventories rose by 3.037 million barrels in the week ended August 8, while Cushing hub stocks increased by 45,000 barrels. OPEC raised its 2026 global oil demand growth forecast to 1.38 million barrels.
