Oil deepens losses, Brent crude nears $86
Oil drilling rigs
Oil deepened its losses during trading on today, July 28, amid growing hopes of a diplomatic solution to the conflict between the US and Iran, which has caused widespread disruptions to global energy flows.
Today’s decline followed losses in the previous session, in which benchmark contracts fell by about 8%, after the US suspended its air campaign against Iran over the weekend.
Edward Meir, an analyst at Marex, pointed out that the decline in demand — especially in Asia — is the main reason why prices have not risen to higher levels, despite the decrease in shipping activity, Reuters reported.
The US crude oil inventory report from the American Petroleum Institute is expected later today, ahead of the official data release from the US Energy Information Administration on July 29.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (September delivery) |
86.07 |
(2.29) |
(2.60%) |
|
WTI (September delivery) |
80.79 |
(1.82) |
(2.20%) |
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