Early on Tuesday, July 8, crude oil prices saw a slight decline following the subdued impact of Hurricane Beryl on the commodities market. Both Brent, the global crude benchmark, and West Texas Intermediate (WTI), the American benchmark, traded around 0.25% lower as Asian markets opened.

Brent futures for September delivery were down 0.24% at $85.51 per barrel, while WTI futures for August delivery slipped 0.25% to $82.08 per barrel by 0300 hours GMT.

Initially feared to disrupt production in a significant U.S. crude production region, Hurricane Beryl weakened to a tropical storm before making landfall on the Texas coast. Ports including Corpus Christi and Houston, which had been shut in anticipation, have since resumed operations.

Looking ahead, oil prices could see support if U.S. crude inventories continue to decline. Recent data showed a substantial 12.2 million barrel drop in American crude stocks, marking the largest weekly decrease since July 2023. Analysts also anticipate a potential rate cut by the U.S. Federal Reserve, which could further buoy oil prices by stimulating economic activity and fuel demand.

The combination of reduced crude inventories and potential monetary policy easing underscores the ongoing dynamics influencing global oil markets amidst broader economic trends.