Algorithms Push Oil Prices to Five-Week Low

Oil prices dropped on Tuesday to their lowest point in five weeks, driven by a wave of algorithmic selling. The U.S. benchmark WTI has now dipped as much as 1.6% to a level that is dangerously close to $77 per barrel. The decline follows the surpassing of key technical levels, namely the 50-day and 100-day moving averages, which typically serve as support thresholds. The market's current low liquidity during the summer months has further amplified this downturn. The Brent crude benchmark fell 1.27% by 2pm ET, to $81.13 per barrel. The drop in prices…