Oil slips but Brent holds above $90

Oil drilling rigs

Oil prices fell today, Sept. 7, after recording the longest series of daily gains in more than four years, supported by Saudi Arabia and Russia extending supply cuts.

The international benchmark was trading down 0.32% at $90.31 a barrel, at 08:02 am Makkah time. West Texas Intermediate (WTI) crude fell 0.39% to $87.20 a barrel – after rising for nine consecutive days and marking the longest series of gains since January 2019.

Oil prices are up 9% year-to-date, and US benchmark grade is trading near its highest levels since November 2022.

Estimates from the American Petroleum Institute showed a decline in oil inventories by 5.52 million barrels last week, with official data from the Energy Information Administration expected later today.