WTI Crude Price Dips Below $99 on Profit-Taking and Geopolitical Tensions

WTI crude oil prices dipped below $99.00 on Friday due to profit-taking by traders amid technical oversold conditions and lower-than-expected US crude inventories.

The West Texas Intermediate benchmark fell as markets turned cautious ahead of the key US inflation data release, which could impact the price of oil.

Despite the decline, WTI has risen over 10.25% this week, its highest increase since May. Technical indicators have signaled overbought conditions, suggesting a temporary sell-off is possible in the near term.

The US Energy Information Administration (EIA) reported that crude oil stockpiles in the US fell by 391,000 barrels for the week ending September 4, lower than the market consensus of 1.6 million barrels.