Oil prices have declined again!
Brent crude oil fell 1.2% to $104.59 per barrel, while U.S. WTI crude declined 1.1% to $101.29 per barrel.
Oil prices have declined amid news of additional supplies from the Middle East. Saudi Arabia’s use of alternative logistics routes through Oman to deliver more crude oil to Asia has eased concerns about supply disruptions to some extent. Meanwhile, expectations that tensions in the Middle East could ease ahead of next week’s U.S.-China summit have also put pressure on prices.
Brent crude fell 1.2% to $104.59 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 1.1% to $101.29 per barrel. Both contracts had fallen by around $3 in the previous session. U.S. crude oil inventory data also affected the market. According to the EIA, U.S. crude oil inventories fell by 640,000 barrels last week, compared with analysts’ expectations for a decline of 1.62 million barrels. The smaller-than-expected drawdown indicated that oil supplies in the United States remained relatively high, adding further pressure on prices. However, pipeline attacks and ongoing military tensions in the region show that supply risks remain elevated, contributing to continued volatility in the oil market.