Oil tumbles 4%, hits three-week low
06:20, 5 August 2026
Oil prices fell as low as 4% on August 4 to a three-week low, WAM reported.
Brent crude futures fell US$3.11, or 3.71%, to US$80.66 a barrel and US West Texas Intermediate futures dropped US$3.58, or 4.46%, to US$76.76 a barrel.
Both contracts fell to their lowest since July 13 earlier in the session.
Earlier in the session, both benchmarks had risen more than 2%.
Previously, it was reported that global oil prices surged by around 7 percent on Wednesday, driven by developments in the Middle East that heightened concerns over tightening supplies.
