US crude futures slip more than 1% to $89.60 a barrel
The fall comes a day after crude posted a sharper drop on Monday, when Brent slid below $100 a barrel for the first time since September 9.
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Chart: USO, a fund that tracks crude, one-minute prices through the session
The move follows a steeper decline on Monday, when US crude settled at $95.78 a barrel, down 4.51%, as Brent crude dropped below $100 a barrel for the first time since September 9.
The decline fits a pattern that has taken hold in recent sessions, in which supply relief has offset the risk premium built into prices by tensions in the Middle East. With flows through the Strait of Hormuz restored and deals expanding Venezuela's accessible reserves, the market has shifted from fears of scarcity to concerns about oversupply, keeping crude under pressure even as geopolitical risks persist. That balance is likely to hold, and remain largely neutral for directional bets, unless the Gulf supply pledges traders are counting on fail to materialize.