Reported 9 months ago
Oil prices dropped from a two-month high as traders evaluate a mixed outlook, with Brent and West Texas intermediate crudes trading near $86 and $81 per barrel. The market is constrained by increasing US supplies and China's slowing economy, while tensions in the Middle East are supporting prices. In the US, the Federal Reserve's inflation measure decelerated in May, potentially leading to lower interest rates later this year. Despite global uncertainties, prompt spreads for Brent indicate strength, signaling a bullish market ahead of contract expiry.
Source: YAHOO