29.08.202518:59:06UTC+00WTI Drops, Posts First Monthly Loss in 4 Months

West Texas Intermediate (WTI) crude oil futures experienced a 0.9% decline, closing at $64 per barrel on Friday. This movement reflects traders' assessments of diminished demand within the United States and the potential for a ceasefire in Ukraine. Market focus is also shifting towards the upcoming OPEC+ meeting, where anticipated increases in output could adjust the global supply landscape. Nonetheless, these supply enhancements have not yet fully permeated the US market, coinciding with the conclusion of the summer driving season and heightening concerns about demand levels. Earlier in the week, prices had been driven up due to Ukrainian assaults on Russian export facilities; however, talks of possible ceasefire discussions have alleviated some of these tensions. Reports of unexpectedly large reductions in US crude stockpiles suggest sustained demand in both the industrial and freight sectors. Geopolitical considerations, such as India’s ongoing purchases of Russian oil despite US tariff threats, continue to demand attention. Despite the fluctuations, the US oil benchmark achieved its second consecutive weekly increase, even though it experienced an approximate 7% decrease over the month, marking its first monthly decline in four months.