Global benchmarks halt three-day slump as supply fears push Brent toward $90

Global oil benchmarks Brent and West Texas Intermediate (WTI) climbed more than 2% on Friday, 28 August, reversing a three-session decline as market participants reacted to tightening supply signals and shifting inventory data. Brent crude futures rose by $1.86, or 2.1%, to settle at $89.70 per barrel. Simultaneously, US West Texas Intermediate crude futures gained $1.30, or 1.6%, closing the session at $83.53 per barrel. The price recovery ends a period of downward pressure that had briefly weighed on energy markets earlier in the week. Inventory and Supply Factors The price rally follows a period of heightened volatility in the energy sector. Market data indicates that the current rebound is largely a correction after three consecutive days of losses. Traders are monitoring production levels from major exporters and storage capacities in the United States to gauge the trajectory of global supply through the final quarter of the year. The immediate trigger for the price rise was the settlement of futures contracts on Thursday, which saw a surge in buying activity as prices neared psychological support levels. The $90 mark for Brent remains a key threshold for global energy analysts and UAE-based oil producers, serving as a benchmark for regional fiscal planning. Market Outlook For the UAE and other OPEC+ members, the stabilization near $90 per barrel provides a degree of revenue predictability. However, the 1.6% to 2.1% fluctuations seen in this session highlight the…