<div id="readability-page-1"><div> Crude oil contracts were trading lower at midday Wednesday after OPEC slashed its expected oil demand growth for this year as the near-closure of the Strait of Hormuz forced major Mideast producers to cut output. At 12:10 p.m. ET, London-based July ICE Brent was down $1.05 to $106.70/bbl and August Brent was $1.25 lower to $102.55/bbl. June Nymex West Texas Intermediate oil futures were inching 5cts higher to $102.25/bbl and July WTI was down by 50cts to $98/bbl. Refined product contracts were broadly trading lower. June ULSD was down 15.2cts to $4.007/gal and July ULSD was 11.65cts lower to $3.85/gal. June RBOB slipped 4.5cts to $3.626/gal and July RBOB was 3.4cts lower to $3.5025/gal. Diesel futures accelerated losses after the latest Energy Information Administration data released earlier showed U.S. distillate stocks posted a small 200,000-bbl increase in the week ended Friday. The closely watched report showed gasoline stocks fell 4.1 million bbl and commercial crude oil inventory was drawn down by 4.3 million bbl last week. In its monthly report, OPEC forecast global oil-demand growth of 1.17 million b/d this year, down from 1.38 million in its previous estimate made in mid-April. Next year's growth is projected at 1.54 million b/d, up from previous estimates of 1.34 million b/d, the group of oil-rich countries said. OPEC also estimates the group's crude production fell by 1.73 million b/d to 18.98 million b/d in April, while output from the broader OPEC+ alliance including Russia declined by 1.74 million b/d to 33.19 million b/d. Meanwhile, the energy market appeared to shrug off heightened U.S.-Iran tension after the Central Command said American forces fired warning shots at two commercial vessels earlier this week and ordered them to turn around and comply with the U.S. blockade of Iranian ports. <pre></pre> This content was created by Oil Price Information Service, which is operated by Dow Jones &amp; Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal. <pre></pre> Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com <pre></pre> (END) Dow Jones Newswires May 13, 2026 12:47 ET (16:47 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

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Crude oil prices fell on Wednesday after OPEC reduced its 2026 demand growth forecast due to output cuts from major Middle Eastern producers. As of midday, July ICE Brent was down $1.05 to $106.70/bbl, while August Brent dropped $1.25 to $102.55/bbl. June Nymex WTI futures saw a slight increase of 5 cents to $102.25/bbl, but July WTI fell by 50 cents to $98/bbl. OPEC's report indicated a decrease in global oil-demand growth from 1.38 million b/d to 1.17 million b/d for this year, while next year's growth is projected to rise to 1.54 million b/d.

Nymex Overview: Oil Lower After OPEC Cuts 2026 Demand Forecast — OPIS