On Tuesday (August 12), international oil prices edged lower as traders turned their attention to the prospect of weaker demand after the early September end of the summer driving season.
The Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand in 2026 by 100,000 barrels per day to 1.38 million bpd compared to the previous estimate. The 2025 demand growth forecast was unchanged. OPEC also lowered its forecast for supply growth from the U.S. and other non-OPEC producers, pointing to a tighter market outlook.
U.S. crude futures fell 79 cents, or 1.24%, to settle at $63.17 per barrel.
Trading suggestion: After hitting a daily low of $63.23, crude oil consolidated, closing the day at $63.27 with a long upper-shadow bearish candle. This “two bearish candles sandwiching one bullish” pattern suggests downside pressure today.
Trading strategy: Sell near $64.00, Stop loss $64.50, Target $63.20–$62.40.
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