Oil Prices Higher After IEA Report Says Oil Market Expected to Remain "in Deficit"

09:52 AM EDT, 10/14/2026 (MT Newswires) -- Oil prices were higher Wednesday morning after an International Energy Agency report, published today, said that despite lower oil demand, "oil market balances are forecast to remain in deficit" through the end of the year. The report said global oil demand is expected to fall by 2.5 million barrels per day (mb/d) year over year in the fourth quarter, and by 2.6 mb/d on average in 2026. Record diesel prices are hiking the cost of goods and negatively impacting real incomes, economic activity, and inflation, the report added. West Texas Intermediate November crude oil futures, the US benchmark, advanced 1.4% to $95.47 per barrel. December Brent oil futures, the international benchmark, edged up 0.05% to $105.74 a barrel. Comex gold December futures fell 1.7%, to to $4,106.40 per ounce. The US Consumer Price Index (CPI) data released today increased 0.6% on a seasonally adjusted basis in September, the Bureau of Labor Statistics reported. Over the last 12 months, US inflation deteriorated to 3.7% seasonal adjustment, the Bureau added. In agricultural commodities, December wheat futures slipped 0.6% to $6.65 per bushel, while canola futures for November rose 0.6% to CA$818 per tonne.