Oil prices drop to pre-Iran war levels as Middle East supply expectations rise
By
Al Jazeera
Summary
Oil prices have fallen back to levels last seen before the Iran war began, with Brent crude dropping to $72.68 and WTI to $69.58 per barrel. The decline is driven by expectations of rising Middle East supply, which has outweighed demand concerns. Both contracts hit their lowest since February 27, with Brent's August contract trading below September's, signaling ample short-term supply.
Source
bskyOil prices drop to pre-Iran war levels as Middle East supply expectations risealjazeera.comKey quotes
· 4 pulledOil prices have extended their decline to levels last seen before the start of the Iran war, as expectations of rising supply from the Middle East outweighed demand concerns.
Prompt-month Brent crude futures for August delivery fell $1.06 (1.44 percent) to $72.68 a barrel by 06:39 GMT
Both contracts hit their lowest since February 27.
August Brent was trading lower than September, which was priced at $73.59, signalling ample short-term supply.
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