WTI Oil Dips Below $90

First Time Since Ukraine War Began

The U.S. crude oil benchmark dipped early on Thursday to the lowest level in months, falling below $90 a barrel for the first time since Russia invaded Ukraine at the end of February.

As of 10:30 a.m. ET on Thursday, the U.S. benchmark WTI Crude had fallen by 1.16% on the day and traded at $89.58. The international benchmark, Brent Crude, was also down and trading below $100 per barrel for a second consecutive day, amid a global economic slowdown and fears of recession, which could dent demand growth this year compared to last year. Brent had dropped by 1.44% to $95.36 at 10:30 a.m.

Moreover, the tightness in physical crude markets seems to have eased in recent days, with spot deliveries being traded at smaller premiums. Oil prices settled 4% lower on Wednesday, to levels seen just before the Russian invasion of Ukraine, after the U.S. Energy Information Administration reported a large build in crude oil inventories of 4.5 million barrels for the week to July 29.

https://oilprice.com/

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