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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a notable shift in energy sector risk appetite, oil prices faced a sharp decline as traders re-evaluated Middle East tensions. WTI crude oil futures settled at $88.20, marking a decrease of $3.10 from the previous day. Markets notably ignored reports of an Apache helicopter being shot down by an Iranian drone, which according to reports suggests a fading geopolitical risk premium that had previously bolstered prices.
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Sign InThis decline coincides with mixed economic data from major consumers, as China's trade balance data released on June 9, 2026, showed import growth of 27.4%, exceeding expectations of 25% per market data. Meanwhile, U.S. API crude oil stocks saw a significant draw of 9.119 million barrels on June 9, 2026; however, these supportive figures failed to offset the price pressure stemming from the liquidation of political risk-related positions.
Looking ahead, traders are monitoring technical support levels following WTI's settlement at $88.20 (close June 12, 2026). Economically, attention will turn to the upcoming OPEC meeting for signals regarding future production policy. Global inflation trends also remain a key factor for long-term demand outlooks, particularly following China's CPI print of 1.2% on June 10, 2026.