Oil Prices Dip to $96.90 as Brent Benchmark Falls Nearly 2.5%

Brent crude oil traded at $96.90 per barrel as of 9 a.m. Eastern Time, a decline of $2.48 from the previous day and roughly $30 higher than a year earlier. The article notes that oil prices are influenced by supply and demand, and that retail gasoline prices typically follow crude with a delay. It also highlights the role of the U.S. Strategic Petroleum Reserve in providing temporary relief during supply shocks.