Oil prices fall after OPEC, EIA outlook reports

Oil drilling rigs

Oil prices fell today, Aug. 12, following a report from the Energy Information Administration predicting a decline in prices this year and OPEC's affirmation of its forecast for global crude demand growth.

Brent crude futures for October delivery fell 0.8%, or 51 cents, to close at $66.12 a barrel. WTI crude futures for September delivery lost 1.25%, or 79 cents, to $63.17 a barrel.

The losses come despite a 0.45% decline in the dollar index, which measures its value against a basket of major currencies, to 98.07 points at 10:49 pm Makkah time.

OPEC maintained its forecast for global oil demand growth at 1.3 million barrels per day this year on an annual basis, and raised its estimates for growth next year by 100,000 barrels per day to 1.4 million barrels per day.

In its monthly report released today, OPEC lowered its forecast on oil supply growth from non-OPEC+ countries to 630,000 barrels per day in 2026, compared to the 730,000 outlook last month.

For its part, the US Energy Information Administration (EIA) forecast a decline in oil prices, stating in a report that the average price of Brent crude will fall below $60 per barrel in the fourth quarter of 2025, the lowest quarterly level since 2020.