Oil drops to 8-session low; Brent below $85

Oil drilling rigs

Oil deepened its losses today, July 9, following the declines over the past two sessions, as concerns eased about global supply disruptions due to geopolitical tensions in the Middle East or Hurricane Beryl in the US.

Brent crude slid 1.25%, or $1.09, to close at $84.66 a barrel—the lowest level since June 26 session ($84.47). WTI crude fell 1.1%, or 92 cents, to record $81.41 per barrel—the lowest level since June 26 ($80.90).

The US Energy Information Administration (EIA) expects crude oil prices to rise in the second half of the year as global inventories decline due to the voluntary OPEC+ production cut, with Brent crude averaging $89 per barrel.

The American Petroleum Institute's report on oil inventories is expected later today, and the EIA is scheduled to release official inventory data on July 10, amid expectations of a one million barrel increase in crude inventories.