WTI crude oil prices pulled back from mid-September highs after the US issued a Russia sanctions waiver, ending an eight-day rally as traders reassess supply risks.
WTI crude oil is experiencing a downward correction, snapping an eight-session winning streak after the US government issued a waiver regarding Russia sanctions. Despite this pullback, the commodity remains within its established Friday trading range, having previously touched a one-month high of over $99.00 per barrel in mid-September.
The price is declining due to a US waiver on Russia sanctions, which has interrupted an eight-session winning streak.
WTI reached a one-month high just above $99.00 on Friday.
West Texas Intermediate crude oil retreated from a one-month high, snapping a seven-session winning streak. The decline follows a US decision to grant a sanctions waiver regarding Russia, cooling recent bullish momentum in energy markets.
The price decline was triggered by the US government granting a waiver on new Russia sanctions, which eased supply concerns that had previously driven an eight-day rally.