Oil price futures for Brent touched $86

Oil price futures for Brent touched $86.92 before retracing as profit-taking set in. Macro indicators from the U.S., including rising 10-year yields, added to pressure on commodities. Market watchers view $85.20 as a pivot point for trend reversal signals in the near term. Analysts from JPMorgan expect a surplus of around 2 million barrels a day for the remainder of this year and into next year. The International Energy Agency forecasts that oil supply growth will be 2.7 million barrels a day this year and 2.1 million the next, lifting an earlier estimate. Propane futures volumes thrive on global price volatility Oil price futures traders are closely monitoring U.S. gasoline inventories, as any sharp drawdown could feed directly into stronger crude demand. The upcoming EIA report is expected to be a key driver of price action.