Singapore: Oil prices fell by more than a dollar in early Asian trading on Thursday after analysts lowered their forecasts for global oil demand, although supply constraints kept prices at relatively elevated levels. Brent crude futures fell US$1.29, or 1.5 percent, to $87.69 a barrel. US West Texas Intermediate crude declined $1.30, or 1.6 percent, to $81.97 a barrel.
According to Emirates News Agency, analysts' revised forecasts for global oil demand have been a significant factor in the recent decline in prices. Despite supply constraints, which have kept prices from dropping further, the adjustments in demand projections have exerted downward pressure on crude prices in the market.