Beirut: Oil prices fell by more than $1 on Thursday after analysts lowered their forecasts for global oil demand in 2026. Brent crude futures dropped $1.29, or 1.5%, to $87.69 a barrel, while US West Texas Intermediate crude fell $1.30, or 1.6%, to $81.97 a barrel.
According to National news agency - Lebanon, the decline in oil prices comes as market analysts revised their projections for global oil demand due to changing economic conditions. This revised forecast has contributed to the downward pressure on oil prices.
Meanwhile, gold hit its highest level in more than two months. Spot gold rose 0.6% to $4,433.62 an ounce by 01:08 GMT, after gaining around 1% earlier to reach its highest level since June 5. US gold futures for December delivery climbed 0.6% to $4,493 an ounce, reflecting increased investor interest in the precious metal as a safe-haven asset amid fluctuating market conditions.