WTI crude oil prices eased on Friday, retreating from levels near a four-month high and settling close to $99.00 per barrel, according to FX Street. This pullback ended a four-day winning streak that had pushed prices toward their highest point in several months.
The recent price strength reflected tightening supply concerns and strong demand, but the slight retreat suggests traders are taking profits after the recent rally. Despite the pullback, oil remains elevated compared to earlier in the year.
For Japanese markets, where energy costs significantly impact manufacturing and trade balances, movements in crude oil prices continue to be closely monitored, influencing currency and equities sectors tied to energy and exports.