Global oil prices declined on Friday, but on the monthly chart, both the Brent and West Texas Intermediate (WTI) benchmark crude oil contracts are up about 20 percent.
International market reports indicate there are no major advances in Iran’s talks with the US. Yet, even as this, shipments of crude oil from major shipping lanes have risen, easing pressure on global prices and improving supply.
Brent oil prices dropped $1.03, or 1.2 percent to $88 a barrel in the previous trading session. Meanwhile, domestic West Texas Intermediate (WTI) crude oil dropped $1.50, or 1.8 percent, to $82.09 per barrel.
The day-to-day drop in prices has not dampened the market’s strength overall for crude oil, experts say during July. The monthly gains are around 20 percent for both Brent and WTI contracts, reflecting the two factors: global demand and supply and geopolitical matters.