Oil prices fall for third session in a row

Oil prices fell for the third straight session as concerns about supplies from the Middle East eased amid speculation of progress in ceasefire efforts in Gaza. 

Brent crude futures for October delivery fell 0.6%, or 46 cents, to close at $77.20 a barrel today, Aug. 20. WTI crude for September delivery (expires today) slipped 0.45%, or 33 cents, to record $74.04 per barrel. 

“Despite ongoing ceasefire negotiations, clashes continue and markets will remain highly sensitive to any developments in the region,” said Svetlana Tretyakova, Analyst at Rystad Energy, according to Reuters. 

Goldman Sachs analysts in a note said that Brent crude prices are expected to fall to $68 per barrel by late 2025 if Chinese oil demand remains stable until the end of next year. 

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to release official inventory data on Aug. 21, amid expectations of a two million barrel drop in crude inventories.