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On the London Intercontinental Exchange (ICE), the price of Brent crude oil decreased by $0.19, settling at $81.67 per barrel. Likewise, on the New York Mercantile Exchange (NYMEX), the price of West Texas Intermediate (WTI) crude oil, commonly known as Light oil, fell by $0.23 to $77.68 per barrel.
This decline in oil prices is attributed to a combination of factors impacting the global oil market. These include variable demand driven by economic conditions, geopolitical tensions, and supply dynamics shaped by production decisions of key oil-producing countries.
Related topics:
5 Reasons Why Opec Is Raising Oil Prices
