Dubai: Oil prices fell by about 1 percent at settlement on Tuesday, extending losses as markets assessed supply and demand fundamentals. Brent crude futures declined 82 cents, or 1.1 percent, to settle at US$77.08 per barrel, while US West Texas Intermediate (WTI) crude fell 65 cents, or 0.9 percent, to US$73.21 per barrel. Both benchmarks touched their lowest levels in nearly four months during the trading session.
According to Emirates News Agency, the decline in oil prices is attributed to the market's ongoing evaluation of supply and demand dynamics. The recent session marked a significant drop, with both Brent and WTI benchmarks reaching their lowest levels in almost four months. The oil market continues to react to various global economic indicators and potential shifts in production levels, influencing the current pricing trends.