WTI crude oil futures fell 2.37% on Friday. The contract settled at $100.05 a barrel. Brent crude dropped 2.81% to $104.61. These declines pulled prices back from a three-month high reached in the previous session.
The International Energy Agency (IEA) drove the market lower with its September monthly report. The agency sharply cut its outlook for global oil demand in 2026.
The IEA now forecasts a demand decline of 2.5 million barrels per day for the year. This marks a significant revision from the 1.6 million barrel drop projected in August. High energy prices and ongoing geopolitical supply disruptions prompted the downward forecast.