Oil extends losses, falls below $73
Oil drilling rigs
Oil prices extended losses on Thursday, with Brent crude falling below $73 a barrel, as mounting expectations of a recovery in Middle East supplies outweighed concerns over global demand.
US Energy Secretary Chris Wright said crude flows through the strategic Strait of Hormuz had nearly returned to pre-war levels, noting that at least 20 million barrels transited the waterway over the past 24 hours.
Wright added, however, that a full return to normal shipping operations could take several more weeks as mine-clearing efforts in the strait continue, Reuters reported.
|
Changes in Benchmark Crude Futures |
||||
|
Crude |
Price ($) |
Change ($) |
Change (%) |
|
|
Brent (August delivery) |
72.63 |
(1.11) |
(1.50%) |
|
|
WTI (August delivery) |
69.46 |
(0.88) |
(1.25%) |
|
As of 7:51 am Makkah time.
Macquarie analysts expect Brent crude to average $67 a barrel and US WTI crude to average $62 a barrel in Q3 2026, down from second-quarter averages of $94 and $87 a barrel, respectively.
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