Oil prices fell on Sunday with Brent crude falling below $72 amid sluggish demand and reports that Libya is close to agreeing to resuming crude oil exports.
Crude oil futures were down in mid-morning Asian trade on September 8 due to losses after Brent markers dropped below $75 per barrel this week on a wave of sluggish developments on the demand side.
At the time of filing, WTI crude was trading at $67.67, down 2.14 percent or $1.48 on a day-on-day basis. Meanwhile, Brent crude was trading at $71.06, down 2.24 percent or $1.63 at 13:17 PKT
Many commentators on X have opined that Brent crude is unlikely to go higher than $90 this calendar year unless Israel’s genocide against Palestine escalates to involving key oil producers. Meanwhile, OPEC is expected to extend production cuts through the rest of the year, with possible easing in early 2025, keeping crude prices within a range of $70-$90 per barrel.
