Brent Oil Drops Below $94 on Ample Supply

Brent crude dropped to the lowest level in more than two years amid signs that global supplies are outstripping demand. West Texas Intermediate rebounded after falling below $90 for the first time in 17 months.

The European benchmark crude has fallen 19 percent from its peak in June. WTI slid as much as 2.8 percent in New York before recovering on speculation prices fell too far too fast. The market retreated yesterday after Saudi Arabia, the world’s largest oil exporter, cut its official selling price for crude to Asia to the lowest since 2008.

“It’s been slaughter the last few days,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone. “Supply has been outpacing demand and that doesn’t appear to be changing anytime soon. We finally broke through $90 after yesterday’s move by the Saudis showed that they’re fighting for market share.”


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.