Abu dhabi: Oil prices declined during Friday's trading session, reaching their lowest levels since early March. Brent crude futures fell by US$3.05, or 3.37 percent, at settlement to close at US$87.33 per barrel. US West Texas Intermediate (WTI) crude dropped by US$2.83, or 3.23 percent, to settle at US$84.88 per barrel, its lowest level since 17th April.
According to Emirates News Agency, the drop in oil prices reflects a significant shift in the global oil market dynamics. The decrease in Brent and WTI crude prices comes amid broader economic uncertainties and potential shifts in demand. The recent decline marks a continued trend of volatility in the oil markets, impacting energy sectors and global economic forecasts.