Commodities
Home›Commodities›Energy›Crude oil holds near one-week lows after more than 12%…
Crude oil holds near one-week lows after more than 12% drop
WTI is steady near $80 as investors weigh hopes for Middle East peace talks against warnings that strikes could resume if talks fail.
Crude oil prices were holding near one-week lows on Tuesday after falling more than 12% from last week’s highs, with the US benchmark West Texas Intermediate (WTI) staying near the $80 level, according to FXStreet.
Analysts cautioned that optimism around a fragile Middle East truce may be premature. ING said the oil market continues to sell off heavily as US President Donald Trump signaled talks are under way with a “good chance” of a deal, while also warning that strikes would resume if no deal materializes.
Rabobank added that weekend statements about pausing strikes on Iran do not necessarily mean Iran has paused strikes against neighboring countries, keeping the geopolitical risk backdrop unstable for oil prices.
The article also notes that WTI is a key benchmark for the oil market and that oil demand and supply factors, OPEC decisions, and inventory reports from the American Petroleum Institute and the US Energy Information Administration can influence pricing.
Latest closeWTI crude $81.92 ▼8.3%