This Is Apparently The Price Of Oil Failed To Break Through $100!

<p>&nbsp;Oil prices traded lower on Friday, hit by profit-taking and expected supply increases by Russia and Saudi Arabia.</p><p><br /></p><p>The black commodity had earlier surged to its highest peak in more than a year, seeing Brent trading at $95.91 a barrel, while US WTI was at $94.99 a barrel.</p><p><br /></p><p>However, in today's Asian session, Brent oil futures traded slightly lower at $93.11 per barrel while US WTI trades fell to around $91.75 per barrel.</p><p><br /></p><p>This may be due to investors taking profits after prices soared, and some worry that high interest rates will hurt oil demand.</p><p><br /></p><p><br /></p><p>In addition, OPEC+ which will meet next week is now in focus with the expectation that Saudi Arabia and Russia may want to increase supply following a surge in oil prices of almost 30% in the third quarter.</p><p><br /></p><p>Despite this, tight supply conditions in the United States are seen as still supporting prices to remain stable, with storage in Cushing, Oklahoma currently at the lowest level since July 2022.</p><p><br /></p><p>In addition, the US economy that maintained a strong growth rate in the second quarter and better prospects in the current quarter also signaled that fuel demand will continue to strengthen.</p>