Oil falls as investors assess mediation efforts between Washington, Tehran
Oil drilling rigs
Oil prices fell today, Aug. 5, as mediation efforts continued to end the conflict with Iran that may restore normal shipping traffic through the Strait of Hormuz.
Brent crude futures have fallen by more than 12% since the start of this week, and ended trading on Tuesday below $80 a barrel for the first time since July 13, Reuters reported.
Priyanka Sachdeva, Head of Market Analysis at brokerage firm Phillip Nova, explained that if diplomatic efforts fail and actual supplies are affected, the current downturn may be short-lived, as lower inventories will amplify the impact of any future supply shock.
Data from the American Petroleum Institute showed a rise in US crude inventories, while markets await official data from the Energy Information Administration later today, amid expectations of a drop in inventories of about 1.5 million barrels.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
78.87 |
(0.49) |
(0.60%) |
|
WTI (September delivery) |
75.17 |
(0.60) |
(0.80%) |
*At 07:58 am Makkah time
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