Oil prices decline following surge to highest levels since December

Economy

26-01-2024, 10:30

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INA-sources

Oil prices experienced a robust surge of about 3 percent on Thursday, reaching their highest level since December. However, the market witnessed a decrease in prices today, Friday. By 6:23 AM GMT, Brent crude futures saw a 0.44 percent decrease, settling at $82.07 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) recorded a 0.67 percent decrease, settling at $76.84.
The surge in oil prices earlier this week can be attributed to multiple factors, including the release of faster-than-expected U.S. economic growth data for the last quarter and escalating tensions in the Red Sea disrupting global trade.

Source: Middle East Economy