Oil Prices Slump Below $90 as Global Supply Concerns Persist

Oil prices took a hit yesterday as Brent crude settled at $89.10 per barrel after falling by 1.9% on the day.

The decline comes despite little improvement in global supply, which continues to be a major concern for energy markets.

According to reports, the US has ruled out further releases from its strategic petroleum reserves once the ongoing release of 172m barrels is complete.

The World Gold Council reported that total gold demand remained unchanged year-over-year at 1,269 tonnes in the second quarter of this year, driven by strong central bank purchases offsetting weaker investor demand through gold ETFs.