Economy / Markets
Brent settles near $104 after IEA cuts 2026 oil demand forecast by 940,000 b/d — deepest since COVID
Brent crude closed Friday at about $104 a barrel, down roughly 2.9% on the day after the International Energy Agency's September Oil Market Report cut its 2026 global oil demand forecast by 940,000 barrels per day, projecting a 2.5 million b/d annual decline — the deepest since 2020. Global observed oil inventories have drawn 507 million barrels since the Middle East war began, and IEA member-state strategic reserves are at their lowest since the 2011 Libya disruption. Goldman Sachs has warned Brent could exceed $120 if Gulf output stays 4 million b/d below pre-war levels.