- WTI crude oil prices fell Thursday to their lowest point since early February, giving up all gains since the Russia's war in Ukraine began.
- WTI crude ( CL1:COM ) for September delivery -1.5% to $89.26/bbl, and Brent crude ( CO1:COM ) for October delivery -2.1% to $94.71/bbl.
- Over the course of the week, WTI crude has lost ~9.5%, the largest one week percentage decline since April .
- ETFs: ( NYSEARCA: USO ), ( UGA ), ( UCO ), ( SCO ), ( BNO ), ( DBO ), ( USL )
- Both benchmarks fell sharply on Wednesday following data that showed unexpected increases in U.S. crude and gasoline stockpiles as demand slowed, and an OPEC+ agreement to raise its production target by just 100K bbl/day was viewed as bearish for the market.
- Still, analysts expect OPEC's limited spare capacity will support prices over the longer term .
- "Crude prices should find strong support around the $90 level and eventually will rebound towards the $100 barrel level even as the global economic slowdown accelerates," Oanda's Edward Moya said.
- Gasoline prices also have been declining, with the average pump rice dropping to $4.14/gal on Thursday from its June 14 high of $5.02/gal, marking the 51st straight day of declines.
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WTI crude oil drops below $90 for first time since Russia invaded Ukraine