Oil records lowest close in 7 weeks; Brent below $80

Oil erased its gains today, July 29, as focused shifted to the geopolitical conflict in the Middle East. 

Brent crude futures for September delivery fell 1.65%, or $1.35, to close at $79.78 a barrel—the lowest level since June 7 ($79.34). 

WTI crude dropped 1.75%, or $1.35, to record $75.81 per barrel—the lowest settlement since June 7 ($74.8). 

“Despite renewed geopolitical tensions in the Middle East, the absence of supply disruptions is limiting any positive reaction to prices,” said Giovanni Staunovo, Analyst at UBS. 

The US Department of Energy announced the purchase of 4.65 million barrels of crude oil to boost the strategic reserve. It said the average purchase price was about $76.92 per barrel.