Oil reverses earlier gains as OPEC and IEA demand cuts meet a still-severe supply deficit

Brent slipped to $88.42 after forecasters cut demand, even as Hormuz traffic and the projected 2026 supply shortfall kept the downside contained.

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Brent fell to $88.42 and WTI to $82.95 at the source checkpoint after both benchmarks had traded more than a dollar higher. OPEC reduced expected 2026 demand growth to 580,000 barrels per day.

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