U.S. crude oil futures fell by more than $1 to settle at $83.27 per barrel, down from levels near $85.29 in earlier sessions. This decline reflects a reassessment of geopolitical risks in the Middle East and supply disruption concerns that had previously pushed prices higher. Despite the drop, current prices remain well above the early July range of $68 to $76 per barrel. Market pricing now assigns only a 6% probability to crude oil reaching a new all-time high by the end of September. Traders will closely monitor OPEC officials, including Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud, as well as upcoming reports from the Energy Information Administration for further clues on supply and demand dynamics.
Source: Read the original article
