Crude Oil Prices Register Decline in Global Markets; Brent Crude Settles Around $115 Per Barrel While US Crude Slips to $101.67 Following Recent Supply Fears
NEW YORK: In international markets, crude oil prices saw a downward correction after sharp rallies in previous sessions fueled in the region by supply concerns.
According to reports from Reuters, US crude oil prices declined by $1.60, bringing down the rate to $101.67 per barrel. At the same time, the London-based benchmark for crude oil, called Brent, fell $1.56 to $115.16 a barrel.
Some highlights of the movement of the global crude oil market:
Recent Oil Price Spikes Followed by Price Correction: Market analysts said the energy market’s prices have been affected over the past week by rising concerns of supply disruption after recent Houthis attacks on Saudi Arabia facilities.
On Friday, both the U.S. and British crude benchmarks had ended very high, with gains of around $3 a barrel.
Brent crude had a total weekly gain of 6 percent, while U.S. crude had a 2.3 percent gain over the past week before today’s decline.