Despite the session’s losses, crude markets remain on track to post strong monthly gains of around 20%.
Oil prices declined in Friday trading as higher supply flows weighed on the market, despite the lack of any meaningful breakthrough in ongoing talks between the United States and Iran. 
Despite the session’s losses, crude markets remain on track to post strong monthly gains of around 20%, according to Reuters.
Daniel Hynes, Senior Commodity Strategist at ANZ, said the decline in crude prices reflects the market’s response to signs of increased oil flows through the Strait of Hormuz, which have partly offset the impact of escalating geopolitical tensions in the Middle East.
Markets are also awaiting the release of Baker Hughes US oil and gas rig count data later today for further clues on the outlook for US energy supplies.
Benchmark Crude Futures
Crude
Price ($/Barrel)
Change ($)
Change (%)
Brent (September Delivery)
87.47
(1.56)
(1.75%)
WTI (September Delivery)
81.83
(1.76)
(2.10%)
Despite the session’s losses, crude markets remain on track to post strong monthly gains of around 20%.
Oil prices declined in Friday trading as higher supply flows weighed on the market, despite the lack of any meaningful breakthrough in ongoing talks between the United States and Iran.
Despite the session’s losses, crude markets remain on track to post strong monthly gains of around 20%, according to Reuters.
Daniel Hynes, Senior Commodity Strategist at ANZ, said the decline in crude prices reflects the market’s response to signs of increased oil flows through the Strait of Hormuz, which have partly offset the impact of escalating geopolitical tensions in the Middle East.
Markets are also awaiting the release of Baker Hughes US oil and gas rig count data later today for further clues on the outlook for US energy supplies.
Benchmark Crude Futures
Crude
Price ($/Barrel)
Change ($)
Change (%)
Brent (September Delivery)
87.47
(1.56)
(1.75%)
WTI (September Delivery)
81.83
(1.76)
(2.10%)
