Oil prices drop sharply, easing inflation pressures: Citi strategist

Citi strategist Scott Chronert expressed surprise at the sharp drop in oil prices observed on Wednesday, which he noted has alleviated some inflationary pressures. The decline in Brent and WTI crude-oil futures is attributed to shifting geopolitical dynamics, particularly around Iran, and improved supply outlooks in the Middle East. Brent crude fell 8.7% to $94.62 per barrel, while WTI declined 8.3% to $88.12. By Thursday, the prices had slightly recovered but remained below earlier levels. Markets will be closely monitoring any further developments in Middle East geopolitics that could impact oil supply and pricing. Key figures such as OPEC’s Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud may provide insights into future production adjustments. Additionally, U.S.

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