Abu Dhabi:Oil prices experienced a significant drop as crude exports from the Middle East increased, affecting the global market.
According to Emirates News Agency, Brent crude futures fell by $1.93, or 1.89 percent, reaching a settlement price of $100.32 per barrel. Similarly, US West Texas Intermediate crude saw a decrease of $1.68, or 1.84 percent, settling at $89.43 per barrel.
This decline in oil prices highlights the impact of increased supply from the Middle East on the market, contributing to the downward trend observed on Monday.