Brent Crude Slips Below $99 as Supply Fears Ease

Brent crude oil fell below $99 per barrel on Wednesday, extending its losing streak to six consecutive sessions, the longest since August 2025, with cumulative losses exceeding 9.5%. The decline was driven by expectations of rising Saudi crude exports, diplomatic progress in US-Iran talks, and a larger-than-expected build in US crude inventories, which eased concerns over Middle East supply disruptions. Saudi Arabia restarted its East-West pipeline, potentially boosting global supplies. Oil prices remain over 60% higher year-to-date despite the correction. US crude inventories rose by 1.7 million barrels, contrary to expectations of a draw, while gasoline and distillate stocks each fell by 2.2 million barrels.