Oil pulled back intraday, with both WTI and Brent settling at $89.26 a barrel. Prediction markets now put the odds of crude reaching a new all-time high by September 30 at 2.6% YES, and traders are watching OPEC and the IEA for the next signal.
Oil erased more than 1% intraday, with both West Texas Intermediate and Brent benchmarks settling at $89.26 a barrel. The pullback comes even as prices remain at elevated levels for 2026.
The drop appears to suggest weakening momentum in the crude market. Prediction markets now put the odds of oil reaching a new all-time high by September 30 at 2.6% YES, a reading consistent with sentiment that is currently less supportive of a rapid near-term surge.
Geopolitical developments in the Middle East could still move oil quickly in either direction, and observers are also watching for shifts in global oil demand projections.
Market participants are watching statements from OPEC's Mohammad Sanusi Barkindo and the IEA's Fatih Birol for any hint of a production adjustment.
Source: Crypto Briefing
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