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Oil Steady after Hitting One-Week LowSingapore, 5 Aug (ONA) — Crude oil prices held steady today, following three consecutive days of declines, as traders weighed concerns over potential oversupply and geopolitical risks affecting Russian crude exports.
Brent crude futures were unchanged at $68.76 per barrel, while US West Texas Intermediate (WTI) edged down by 0.03% to $66.27 per barrel in early trading.
Both benchmarks had fallen by more than 1% in the previous session, marking their lowest levels in a week.
The recent weakness in prices is largely attributed to mounting fears that the global oil market may be heading toward an oversupply scenario, particularly in light of OPEC+’s latest production decision. — Ends/AH
