Jul 19, 07:56 PM

Global Crude Oil Prices Plummet to One-Month Low, WTI Near $80 a Barrel

Global crude oil prices experienced a significant decline on July 19, closing at their lowest levels since mid-June. The drop was driven by concerns over growing Chinese demand, supply issues in Canada, and expectations of tighter balances. Additionally, speculative liquidation contributed to the selloff, with physical market indicators remaining firmer. West Texas Intermediate (WTI) crude futures saw a notable nosedive, posting the biggest one-day loss since early June, and closing near $80 a barrel, the lowest since June 14. Brent crude also faced a substantial drop, with prices settling over $2 lower. The market was further influenced by hopes for a Gaza ceasefire and a strengthened US dollar. Prompt backwardation held firm, and money managers adjusted their positions significantly.