Fujairah: Oil prices continued their decline today, Thursday, approaching pre-war levels amid easing concerns about global supplies. Brent crude futures for August delivery fell by 40 cents, or 0.54%, to US$73.34 per barrel by 0004 GMT, while US West Texas Intermediate crude dropped 27 cents, or 0.38%, to US$70.07 per barrel.
According to Emirates News Agency, both benchmarks recorded sharp losses yesterday, Wednesday. Brent crude fell by more than three dollars per barrel, and West Texas Intermediate crude declined by about three dollars at settlement, as supply concerns subsided.