Oil Prices Fall on Weaker Demand Outlook; Karoline Leavitt Leaving White House Press Secretary Post

Oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher U.S. crude stocks, though prices found support from a lack of progress in talks over the blockaded Strait of Hormuz and disruptions to supply.

Brent futures were down $2.20, or 2.47 percent, at $86.78 a barrel by 13:24 GMT, trimming gains accumulated over the previous six sessions.

Karoline Leavitt, the youngest White House press secretary in history, will depart her role at the end of the month, President Donald Trump announced Aug. 12.

“Our wonderful White House Press Secretary, and one of my most trusted aides, Karoline Leavitt, will be departing her role at the end of the month so she can spend more time with her beautiful young children and family, a decision I totally understand and respect!” Trump posted on Truth Social. “Karoline will now be one of my top outside advisors, and an influential voice within the Republican Party, as we work to defy History, and conclusively win the Midterm Elections.”