Oil Falls as Black Sea Risk Dismissed Until Supply Halts Arrive
- WTI settled near $82, paring earlier gains after ship attacks
- Sea drones hit Russian naval vessel and tanker in recent days
In this grab taken from video released on Friday, Aug. 4, 2023, a drone maneuvers as it approaches a vessel claimed to be a Russian large landing ship close to the Black Sea port of Novorossiysk.
Source: AP PhotoThis article is for subscribers only.
Oil dropped as traders shrugged off the risk to commodity ships in the Black Sea until disruptions materialized.
West Texas Intermediate settled below $82 a barrel at the start of the week after rising more than 4% over the previous two sessions. In recent days, sea drones hit a Russian oil tanker and naval vessel, highlighting the threat to fuel flows on a key route to global markets. Still, exports are continuing from the region at a time when the market is relatively well supplied.