Global Oil Prices Ease, but for How Long?

Although oil prices have fallen to pre-Ukraine war levels, supply constraints and high risks in global markets could make this recent slide temporary. On Aug. 4, West Texas Intermediate (WTI), the U.S. crude oil benchmark, fell below $90 per barrel for the first time since Feb. 10, two weeks before Russia launched its invasion of Ukraine. The same day, the European crude oil benchmark Brent (which is most commonly used to price other crude grades traded globally) fell below $95 per barrel for the first time since the war began. Since then, WTI has nudged back above $90 per barrel, but as of late Aug. 8, was still just $90.36 per barrel. These developments, however, have coincided with a number of risks on the oil supply side of the market....