WASHINGTON (dpa-AFX) - Crude oil price benchmarks declined from the flatline on Friday despite persisting tensions in the Middle East and disruptions in the Strait of Hormuz. Brent crude oil futures have edged down on Friday whereas the WTI crude oil price benchmark has slipped way below the flatline. The price movement comes amidst global markets reconciling to the likelihood of a prolonged U.S.-Iran war and continued disruptions to crude oil supplies from the Middle East.
Data released on Wednesday by the U.S. Energy Information Administration had shown a decline of 6.23 million barrels in crude oil inventories during the week ended April 24. Markets were expecting a draw of 0.2 million barrels only as the previous week had witnessed an addition of 1.93 million barrels.
Brent Oil Futures for July settlement are currently trading at $110.17, having slipped 0.21 percent from the previous close of $110.40. The day's trading ranged between $110.03 and $112.43. The 52-week trading ranged between $58.5 and $119.5.
Despite the day's losses, Brent has rallied 11.6 percent over the past week and 1.4 percent over the past month. Year-to-date gains exceed 81 percent. Brent oil is currently up more than 77 percent from the levels a year ago and up close to 47 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for June settlement plunged 2.1 percent from the previous close of $105.07 to trade at $102.82. Prices ranged between a high of $106.62 and a low of $102.49 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Despite overnight losses, WTI crude oil is holding on to weekly gains of 9.5 percent. However, losses over the past month exceed 7.3 percent. Year-to-date gains are close to 80 percent. WTI prices are currently around 73 percent above the levels a year ago and more than 44 percent above the levels three years ago.
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