Oil prices slipped after five straight sessions of gains, with WTI below $82 a barrel and Brent briefly under $87, according to Gate market data. Traders await progress on reopening the Strait of Hormuz. The International Energy Agency sees a global supply gap of 1.8 million barrels per day this quarter, more than twice its earlier forecast. US gasoline and diesel prices are at records for this time of year.
Oil prices moved slightly lower after five straight sessions of gains. WTI crude fell below $82 a barrel, while Brent briefly dipped under $87, according to Gate market data. Traders are waiting for developments on the reopening of the Strait of Hormuz.
The International Energy Agency said the global oil market faces a supply shortfall of 1.8 million barrels per day this quarter, more than double the earlier forecast. In the United States, gasoline and diesel prices have reached record highs for this time of year.
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