Key Takeaways:
WTI crude oil futures fell 4.76 percent on Tuesday, May 26, to close at $91.89 per barrel in a volatile session that saw prices swing sharply.
The move marked the largest intraday decline of the day for the benchmark U.S. oil contract, according to market data.
Prices traded as high as $93.90 and as low as $89.41 per barrel during the session, a range of more than $4, showcasing significant market instability. The trading volume was 135,920 contracts.
The sharp drop brings prices closer to the key psychological level of $90 per barrel. Traders will now be watching for inventory data from the Energy Information Administration as the next potential market driver.
The drop in WTI crude, the U.S. benchmark, occurred amid broader market uncertainty, with traders also keeping a close watch on Brent crude, the international benchmark, for signs of correlated or divergent price action.
This article is for informational purposes only and does not constitute investment advice.
