Oil drop to $79 a barrel

Trading data showed an acceleration in the decline in global oil prices, by about 3 percent, as the price of a barrel of Brent brand reached less than $79, for the first time since October 4. 

The price of oil futures contracts, brand "Brent" for the month of January, decreased by 2.95 percent, to reach $78.84 per barrel. 

While the price of West Texas Intermediate oil futures contracts decreased by 2.79 percent, to reach $76.22 per barrel. 

Global oil prices have risen significantly since October 2021, with the price of a barrel of Brent crude on the 5th of last month exceeding $83 for the first time since October 10, 2018. 

The price of West Texas Intermediate crude oil also crossed the level of $79 a barrel for the first time since November 2014.