Oil extends losses, Brent drops 3%
Oil drilling rigs
Oil prices continued to slide today, Aug. 26, with Brent crude falling below $86, amid renewed hopes that the Strait of Hormuz could be reopened after Tehran announced it was resuming talks with Muscat on managing shipping traffic through the vital waterway.
Iran said on Aug. 25 that it had discussed with Oman a temporary joint shipping lane for vessels through the strait, with an agreement to remove mines from it, Reuters reported.
Data from Kpler showed that five cargo ships crossed the Strait of Hormuz yesterday, which is significantly less than the daily average of 15 ships over the past ten days.
The American Petroleum Institute reported that US oil inventories rose by 4.2 million barrels during the week ended Aug. 21. Meanwhile, the market awaits official data from the Energy Information Administration later today.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
85.89 |
(2.69) |
(3.04%) |
|
WTI (October delivery) |
79.94 |
(2.42) |
(2.94%) |
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