Oil Stabilizes After Two-Month Record Highs

Traders are particularly concerned about a slowdown in the U.S. economy, as shown by recent indicators.

Oil prices ended near equilibrium on Friday after reaching their highest level in nearly two months.

The price of Brent crude for August delivery fell 0.02%, closing at $86.41.

The barrel of American West Texas Intermediate (WTI) for the same month lost 0.24%, ending at $81.54.

At the beginning of the session, both Brent and WTI had reached a high since late April.

That peak triggered a wave of profit-taking, causing prices to drop.

Traders are particularly worried about a slowdown in the U.S. economy, as evidenced by the latest indicators.

The number of job seekers in the U.S. last week reached its highest level since November 2021.

The Personal Consumption Expenditures (PCE) index confirmed on Friday the slowdown in inflation, an encouraging sign for the U.S. Federal Reserve (Fed) amid the prospect of a possible interest rate cut.

Geopolitical tensions have taken a back seat. On Wednesday, Israeli Defense Minister Yoav Gallant stated that his country does not want a war in Lebanon with the pro-Iranian Hezbollah movement, while warning that, in case of conflict, they could «return Lebanon to the Stone Age.»

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