Reported 12 months ago
Brent and U.S. West Texas Intermediate (WTI) crude oil prices dropped on Tuesday as concerns over supply disruptions from Hurricane Beryl faded. Brent crude futures closed down 0.42% at $86.24 a barrel, while WTI settled at $82.81 a barrel, down 0.68%. Initially rising due to worries about Beryl impacting offshore oil production in the U.S. Gulf of Mexico, new forecasts eased fears, with analysts noting that the storm is expected to weaken into a tropical storm by the time it reaches the Gulf. Despite the hurricane's threat, U.S. gasoline demand is projected to peak this week for the Independence Day holiday.
Source: YAHOO