Crude oil prices drifted lower on Thursday amid concerns about outlook for energy demand after a report from the International Energy Agency (IEA) said oil demand growth will likely slow down in the second half of the year.
West Texas Intermediate Crude oil futures for September ended down by $0.16 or about 0.2% at $69.09 a barrel.
The IEA said in its report that it sees a significant drop in global oil demand for the rest of this year due to imposition of new coronavirus restrictions in several major oil consumer countries, particularly in Asia.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.