WTI crude fell to $89.77 a barrel and Brent to $91.93, down about $1 for each benchmark. The move pulls prices back from the July highs, when Brent topped $100 and WTI rose above $90. Prediction markets now put the odds of a new all-time high by September 30 at 9%.
West Texas Intermediate slid to $89.77 a barrel and Brent crude to $91.93, a decrease of about $1 for both benchmarks. The drop pulls prices back from the highs seen earlier in July, when Brent surpassed $100 a barrel and WTI climbed above $90.
Both benchmarks have tracked geopolitical tensions and supply concerns in the Middle East, which have fed market volatility.
Market participants appear to have read the latest decline as a possible sign of easing supply constraints or softer demand. In prediction markets, the odds of crude reaching a new all-time high by September 30 have eased to 9%, a modest decrease.
Traders are watching Middle East developments, which could further influence oil prices. OPEC's Mohammad Sanusi Barkindo and the IEA's Fatih Birol may provide insight into production changes or demand forecasts, while any shift in the US-Iran relationship could serve as a further catalyst.
Source: Crypto Briefing
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