Oil Prices Fall 6% as Brent Sheds $7 and WTI Breaks Below…
By Tobi Opeyemi Amure
AI summary of the source article
Brent crude fell 6.15% to $106.45 and WTI dropped 6.44% to $97.41 in a broad sell-off concentrated at the front of the futures curve. The decline repriced near-term risk amid diplomatic maneuvers concerning the Strait of Hormuz.
Why it matters
A curve that falls hardest at the front is pricing a near-term supply interruption becoming less likely while leaving the long-run balance roughly intact, which matters more than the headline oil price percentage.
Key facts
- Brent crude dropped $6.98 to $106.45, and WTI broke below $100 to settle at $97.41.
- The front-month contract dropped $6.98 while December 2027 fell $2.41, showing the decline sat primarily at the front of the curve.
- Goldman Sachs raised its December Brent forecast from $90 to $105, and ANZ raised its end-2026 target to $105.
Source excerpt · FinanceFeeds
Brent crude fell $6.98 to $106.45 on Monday, per the Oilprice.com futures board , a drop of 6.15% that took the January contract through its intraday low of $105.86 after opening at $111.69. WTI fell 6.44% to $97.41, breaking below $100 for the first time since the run that carried oil prices through October. Monday’s oil price selling was broad and fast, and Murban lost 11.29%, gasoline futures f…