Crude Oil Prices Retreat from Yearly Highs

Oil prices fell after reaching their highest level in over a year, with U.S. West Texas Intermediate futures declining 2.09% to $91.72 per barrel and global benchmark Brent down 1.4% at $95.18. The drop in prices was driven by a decrease in crude stocks at the Cushing storage hub in Oklahoma, which fell to their lowest level since July 2022. The ongoing production cuts by OPEC and its allies, including Saudi Arabia and Russia, have contributed to a "pretty robust deficit" in the global oil markets. While prices are expected to remain high for the rest of the year, there are concerns about long-term demand destruction if prices reach triple digits.