Concerns over declining oil prices emerged on Tuesday amidst fears of supply disruptions caused by Hurricane Beryl hitting the southern United States.
The price of Brent crude, scheduled for September delivery from the North Sea, decreased by 0.43%, settling at $83.38 per barrel. Similarly, West Texas Intermediate (WTI) for August delivery saw a reduction of 0.51%, closing at $81.91 per barrel.
Hurricane Beryl, which crossed the Caribbean and moved towards Texas on Monday, resulted in heavy rainfall and led to five fatalities due to flooding and power outages.
However, the slight decline in oil prices provided relief as the hurricane’s impact on oil infrastructure was less severe than anticipated. Analysts noted that “fears of supply disruptions have eased” as a result.
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