Oil prices have declined again on global commodity markets, APA-Economics reports.
WTI crude for August delivery on the New York Mercantile Exchange (NYMEX) fell by US$0.41, or 0.49%, to US$82.82 per barrel.
Meanwhile, Brent crude for September delivery on the ICE exchange in London dropped by US$0.74, or 0.83%, to US$88.48 per barrel.
According to analysts, the decline was mainly driven by growing expectations among market participants that the worst-case supply disruption scenarios linked to U.S.-Iran tensions are unlikely to materialize. The pullback was also attributed to investors taking profits following the sharp gains recorded in previous trading sessions.
In addition, the absence of any immediate increase in risks to oil supplies from the Middle East supported selling pressure in the market.
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