WTI crude falls 1.6%, slips below $91

07/02/2022 Argaam

Oil drilling rigs

Oil prices declined on Monday, after seven consecutive weeks of gains, amid geopolitical tensions and crude supply outlook.

 

The international benchmark Brent crude was trading down 1.13% at $92.22 per barrel (bbl), at 12.15 pm Makkah time.

 

WTI crude fell 1.58% to $90.85/bbl.

 

Crude prices rose with improved demand levels and a supply shortage, making $100 a barrel a possibility.

 

Geopolitical concerns also supported crude prices, as Russia gathered troops near Ukraine despite President Vladimir Putin's assertion that he has no plans to invade Kiev.

 

A severe cold snap across Texas forced some Permian crude producers to suspend a small portion of their production, as icy roads disrupted trucking operations.

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