Oil closes lower for first time in 6 sessions on weak demand concerns

Oil drilling rigs

Oil ended a five-session winning streak today, Aug. 13, as OPEC cut its forecast for oil demand growth this year by 135,000 barrels per day from its July estimate, amid challenges facing China's economy.

Brent crude futures for October delivery fell 1.95%, or $1.61, to $80.69 a barrel. WTI crude for September delivery declined 2.15%, or $1.71, to record $78.35 per barrel.

The International Energy Agency's (IEA) monthly report indicated that its expectations for global oil demand have not changed significantly from last month, as the agency expects growth to reach about one million barrels per day in 2024 and 2025.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on Aug. 14, amid expectations of a 1.9 million barrel drop in crude inventories.