The price of crude oil declined further on Friday following the news that Gulf nations will meet on September 14 to discuss the situation in the Strait of Hormuz, easing concerns over further supply disruptions through the key waterway. Lower oil prices were also pressured by the International Energy Agency’s (IEA) report, which projected in its forecast that global oil demand growth this year will fall by 2.5 million barrels per day from its previous estimate of 1.6 million bpd. West Texas Intermediate (WTI) for October contracts dropped 5.45% to $99.02 a barrel. Brent for November settlements lost 3.08% to $104.33 per barrel.