Crude oil benchmarks saw a retreat, with West Texas Intermediate slipping to $89.77 per barrel and Brent settling at $91.93. This represents a drop close to $1 from the highs earlier this month when Brent crossed $100 and WTI topped $90.
The price dip signals a possible easing of supply worries or a softening in demand, following weeks marked by geopolitical tensions in the Middle East. These factors have kept the oil market on edge, causing sharp price swings.
Investors are now watching developments closely. Statements from key figures like IEA chief Fatih Birol and OPEC's Mohammad Sanusi Barkindo could hint at production adjustments or demand outlooks. Meanwhile, any shifts in US-Iran relations might trigger further volatility.
