US oil prices fall below $80/barrel, first time since August 10

U.S. crude oil prices have fallen below $80 per barrel for the first time since August 10, marking a notable shift in the energy market landscape. The decline in West Texas Intermediate (WTI) futures to approximately $79.89–$80.12 per barrel represents a roughly 3% drop on the day, indicating softer near-term pricing. This movement keeps WTI near its recent lows after previously above $85 earlier in the week, while Brent crude also saw a decline, around $86.32. Markets appear to interpret this as a lower risk premium compared to the recent highs, possibly affecting the outlook for crude reaching new all-time highs. Key Takeaways The drop in U.S. oil prices to below $80 per barrel suggests a shift in market sentiment towards softer near-term crude pricing. Market pricing implies a decrease in the likelihood of crude oil reaching new all-time highs by September 30, with odds currently at 1.8% YES, down from 2% a day ago. The outlook for the December 31 prediction market remains at 11.5% YES, reflecting longer-term uncertainty in the market. What to Watch Observers should monitor statements from key energy figures such as OPEC’s Mohammad Sanusi Barkindo and IEA’s Fatih Birol, as their...