Oil drops, US crude loses over 2%
Oil drilling rigs
Oil prices continued their decline today, Aug. 24, with US crude falling nearly to its lowest level in four sessions, as investors booked profits after gains of more than 5% last week. The market is now awaiting the United States announcement regarding new sanctions against Iran.
Investors anticipate a press conference by US Treasury Secretary Scott Bessent later today, after he threatened earlier this month to impose the toughest sanctions in history on Iran, Reuters reported.
Data from Kpler showed that fewer than 20 cargo ships crossed the Strait of Hormuz on Saturday and Sunday combined, compared to 16 ships that crossed the vital waterway on Friday.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
92.62 |
(1.77) |
(1.88%) |
|
WTI (September delivery) |
85.10 |
(1.96) |
(2.25%) |
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