Summary
- International oil prices extended their decline, with Brent crude falling 2.00%% intraday to $81.25 a barrel.
- West Texas Intermediate (WTI) also weakened, trading at $79.39 a barrel for a 2.46%% decline.
- The market sees lower oil prices as easing inflation pressures and supporting risk-asset sentiment for global equities and cryptocurrencies.
International oil prices extended their decline as expectations for a US-Iran agreement eased concerns about potential supply disruptions.
BlockBeats, a media outlet focused on digital assets, reported on June 16 that Brent crude fell 2.00% intraday to $81.25 a barrel.
West Texas Intermediate also weakened. WTI traded at $79.39 a barrel after falling $2.00 intraday, for a decline of 2.46%.
The drop indicates that the geopolitical risk premium built into the oil market is shrinking, adding downward pressure on prices.
Market participants view lower oil prices as easing inflation pressures and supporting sentiment toward risk assets such as global stocks and cryptocurrencies.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
