West Texas Intermediate (WTI) crude oil prices slipped below $70.50 per barrel, driven by increased oil supply from the Middle East. During Asian trading hours on Friday, WTI traded around $70.30 per barrel, marking a decline of over 2%, according to FX Street.
The surge in supply has weighed on prices, reflecting concerns over potential oversupply in global oil markets. This movement highlights the sensitivity of crude prices to geopolitical and supply-side developments in key producing regions.
For Japanese markets, where energy imports are a significant cost factor, fluctuations in crude oil prices continue to influence both the FX market and equities, particularly within energy-related sectors.