US Markets
Home›US Markets›Indices›Oil prices slip for a third straight day as bond marke…
Oil prices slip for a third straight day as bond markets cool
Brent crude futures fell more than 2% to about $86 per barrel on supply expectations tied to the Strait of Hormuz, helping support a heavy week of Treasury auctions.
World oil prices kept retreating on Wednesday, a move that Yahoo Finance said has helped steady nervous bond markets despite sharp rhetoric from Washington and Tehran.
Brent crude futures fell for a third straight day, dropping more than 2% to roughly $86 per barrel, with the decline linked to prospects for additional supply coming through the Strait of Hormuz. The outlet noted the retreat would mark the biggest weekly drop in oil prices since June if it holds.
Investors also appeared to take comfort from reports that talks have resumed between Oman and Iran on ways to make the Gulf navigable, at least temporarily. Even with limited traffic data, claims including those cited from U.S. Energy Secretary Chris Wright suggested more oil may be exiting as ships allegedly travel with transponders turned off.
On the macro and equities fronts, Yahoo Finance pointed to further inflation focus with July PCE data expected later Wednesday and said the report is likely to remain uncomfortable for the Federal Reserve ahead of Chair Kevin Warsh's Jackson Hole keynote on Friday. The outlet also highlighted that consumer confidence fell again and new home sales dropped sharply, while markets were positioned around Nvidia's results after the bell, with options markets pricing about a 5% swing either way.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%