Oil Slips After Five-Day Rally as OPEC Trims Demand Forecasts

(Bloomberg) -- Oil slipped after a five-day advance, with a likely escalation in the Middle East conflict offset by signs of weakening global demand growth.

West Texas Intermediate fell below $80 a barrel after surging almost 8% over the previous five sessions, with Brent crude closing above $82. While the market is pricing in a possible attack by Iran on Israel, there are signs of lackluster consumption, which led OPEC to trim its demand forecasts for this year and next.

Crude is modestly higher for the year, supported by OPEC+ supply discipline. An outlook from the International Energy Agency is due later on Tuesday, while US inflation data on Wednesday may offer clues on monetary policy in the world’s largest oil consumer.

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