MUSCAT : Brent crude futures dipped marginally by four cents to $67.63 a barrel, while U.S. West Texas Intermediate (WTI) crude futures eased one cent to $63.51. Despite the slight daily declines, both benchmarks are on track for weekly gains—Brent rising 2.7 percent and WTI up about 1.1 percent.
Analysts attributed the rebound to growing skepticism over U.S. President Donald Trump’s mediation efforts to end the war, which have heightened expectations of further market volatility. At the same time, prices found support in data showing a sharper-than-expected drawdown in U.S. crude inventories.
According to the U.S. Energy Information Administration, crude stockpiles fell by six million barrels in the week ending August 15, signalling strong demand.
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