Oil Prices Slide Amid Rising Commodity Vessel Traffic

Oil prices declined on Tuesday, July 30, as Brent crude futures fell to $89.45 per barrel. This represents a drop of $1.29 or 1.42% from the previous day's price.

The US West Texas Intermediate (WTI) crude also slipped by 56 cents or 0.66% to $83.90 a barrel.

Preliminary shipping data showed that 39 commodity vessels passed through the Bab el-Mandeb Strait into the Red Sea on Tuesday, marking the highest count since July 19.