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Oil drops 3% as August Brent exceeds $73
Oil prices dropped by about 3% in today's trading, as concerns over supplies eased following the departure of oil tankers from the region, despite the recent incident involving a ship near Oman. Brent crude fell to $73.30 per barrel, and West Texas Intermediate to $69.40, amid increased selling pressure due to geopolitical unrest and reports that Saudi Aramco has resumed oil loading after a four-month halt. The market is nearing significant weekly losses as developments in the Strait of Hormuz and the earthquake in Venezuela raise fears about global oil supplies.
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