Oil prices dip but head for 20% monthly gain

Brent crude and WTI both fell on Friday morning but remain on course for their strongest monthly performance in recent memory.

Staff Writer
Saudi Arabia vessel Strait of Hormuz Reuters

Article summary

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Brent crude and WTI both slipped on Friday morning, falling 1.2 per cent and 1.8 per cent respectively. Both benchmarks are still on course for monthly gains of around 20 per cent.

Key points

  • Brent fell to $88 per barrel on Friday morning
  • WTI dropped to $82.09, down 1.8 per cent
  • Both grades tracking roughly 20% monthly gains

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Oil prices pulled back on Friday, though both major benchmarks are still set to close the month sharply higher.

Brent crude futures fell $1.03, or 1.2 per cent, to $88 per barrel as of 02:15 GMT. US West Texas Intermediate dropped $1.50, or 1.8 per cent, to $82.09 per barrel over the same period.

Despite the day’s losses, both grades are tracking a monthly gain of around 20 per cent, according to WAM.

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