Oil prices fell by nearly $1 on Monday, dropping 99 cents per barrel in U.S. crude futures and 93 cents per barrel in Brent crude futures, marking a significant decline from their recent high of nearly six months. The price change was largely due to increased concerns about energy supply following attacks on Saudi Arabia, a major producer of crude oil.
BEIJING, Oct 26 : Oil prices lost nearly $1 on Monday after the market opened, falling back from their highest in nearly six months.
U.S. crude futures were down 99 cents, or 0.96 per cent, at $102.28 per barrel by 23:15 GMT. Brent crude futures were down 93 cents or 0.8 per cent at $115.79.
Prices had settled nearly $3 higher on Friday after Houthi attacks in Saudi Arabia stoked energy supply concerns.
Source: Reuters
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Oil prices fell nearly $1 in early trading, marking a significant drop from the previous day's highs. This decline is primarily attributed to decreased global demand and expectations of a cooling economic recovery. The United States, a major consumer, has slowed its growth, reducing fuel consumption. Geopolitical tensions in the Middle East also contributed to the price drop. Despite the fall, oil prices remain above $60 per barrel, indicating a bullish market phase.
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