WASHINGTON (dpa-AFX) - Crude oil futures declined for the third day in a row amidst renewed hopes of increase in supply through the Strait of Hormuz. Markets also cheered the prospects of talks between Iran and Oman increasing traffic through the key oil passage route.
The decline in crude oil prices and the potential easing in inflationary pressures swayed sentiment across asset classes and regions. Markets also digested the latest data update from the U.S. which showed annual PCE Price Index steady at 3.7 percent and the core component thereof steady at 3.3 percent. The month-on-month PCE price index increased to 0.2 percent from -0.1 percent in June while the core component thereof increased to 0.2 percent from 0.1 percent in June.
The crude oil inventory position in the U.S. also weighed on market sentiment. Industry-level data released on Tuesday by the American Petroleum Institute had shown crude oil inventories rising by 4.2 million barrels during the week ending August 21 versus a 0.33-million-barrel decline in the previous week. Markets had expected an increase of 1.9 million barrels. Official data for the period to be released on Wednesday by the Energy Information Administration is expected to show an addition of 0.6 million barrels versus an addition of 4.41 million barrels in the previous week.
Brent Oil Futures for November settlement are currently trading at $85.92, declining 1.55 percent from the previous close of $87.27. The day's trading ranged between $86.10 and $84.59. The 52-week trading ranged between $58.72 and $126.41.
With the day's plunge, Brent's price movement has resulted in weekly losses of around 4.5 percent and monthly losses of 3 percent. Year-to-date gains are a little less than 41 percent. Brent oil's gains over the past year stand at 28 percent while gains from the levels three years ago stands at 1.5 percent.
West Texas Intermediate (WTI) Crude Oil Futures for October settlement has dropped 1.8 percent from the previous close of $82.36. The current trading price is $80.87 while prices ranged between a low of $79.65 and a high of $81.26 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight decline, WTI crude oil is saddled with weekly losses of 4.4 percent and monthly losses of 2.3 percent. Year-to-date gains exceed 40 percent. WTI prices are currently around 28 percent above the levels a year ago and 1.5 percent above the levels three years ago.
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