Brent Crude Falls Below $100 Amid Mixed Markets and Strong US Data

Oil prices dipped slightly on Thursday, with Brent crude falling below $100 per barrel. The decline came despite ongoing uncertainty in the Middle East and a partially reopened East-West pipeline in Saudi Arabia, which has been pumping more fuel into the market.

Analysts pointed to mixed Asian stocks as a factor contributing to the lower oil prices, following a largely down day on Wall Street where US data provided some support. The Commerce Department revised upwards its estimate for second-quarter economic growth, and the personal consumption expenditure gauge came in below expectations at 3.4 percent.

However, investors remain concerned about borrowing costs, with the US 10-year Treasury yield sitting around its highest level since 2007, and the US 30-year yield at a 24-year high. 'The net effect is broadly supportive of risk assets and materially reduces the probability of an October rate hike,' said Chris Osmond, of Fifth Third Wealth Advisors.

Key figures on Thursday included a 2.4 percent rise in Tokyo's Nikkei 225 to 68,355.81, while West Texas Intermediate fell by 0.3 percent to $90.11 per barrel and Brent North Sea Crude dropped by 0.1 percent to $97.93 per barrel.