Oil Prices Fall on Thursday

PUKMEDIA

Oil Prices.

Oil prices dropped significantly today, with both major benchmarks falling by over 3% amid renewed concerns about weakening global demand and the possibility of oversupply.

West Texas Intermediate (WTI) crude fell by $2.03, or 3.21%, to $61.12 per barrel, while Brent crude declined by $2.02, or 3.06%, to $64.01 per barrel.

The downturn follows recent reports of a build-up in US crude stockpiles, fuelling fears of a market surplus. Simultaneously, economic data from key regions, including China and the eurozone, indicate a slowdown in industrial activity, dampening the outlook for energy consumption.

Analysts caution that unless demand shows signs of recovery or major producers move to curb output, oil prices are likely to remain under pressure in the near term.


PUKMEDIA