Crude Oil Prices Dip in Global Market

Crude oil prices experienced a slight drop in the international market as forecasts of reduced global energy demand for the current year outweighed concerns over supply chain risks, pausing a recent rally in oil prices.

On Thursday (August 13), international benchmark Brent crude fell by 11 cents, or 0.12%, to $88.87 per barrel, snapping a six-session streak of consecutive price gains.Meanwhile, US West Texas Intermediate (WTI) crude dropped by 16 cents, or 0.19%, to trade at $83.11 per barrel, marking its first decline after five straight sessions of upward momentum.

The price dip came as investors began assessing the likelihood of reduced global oil demand this year. However, ongoing supply disruption risks and a lack of major progress in talks concerning the Strait of Hormuz in the Middle East helped limit the extent of the price decline.