Oil prices fell more than $1 a barrel on Thursday, with Brent and WTI both down over 1%, after OPEC lowered its 2026 global oil demand growth forecast and the IEA projected a deeper contraction in consumption this year. Market sentiment was also hit by a larger-than-expected rise in U.S. crude inventories, with EIA data showing stocks rose 17.4 million barrels to 424.4 million barrels in the week ended August 7, versus expectations for a 1.4 million-barrel draw. By 0100 GMT, Brent futures were down $1.29, or 1.5%, at $87.69 a barrel, while WTI fell $1.30, or 1.6%, to $81.97. Earlier market data cited Brent below $86 and WTI at $80.59 during intraday trading. Supply concerns linked to stalled Iran-U.S. talks and attacks near the Strait of Hormuz and Bab el-Mandeb Strait helped keep losses in check.