Muscat: Oil prices fell in early trade today, extending the previous day's losses after reduced fears of supply disruptions in the Middle East: Brent crude futures dropped $1.24, or 1.2%, to $104.59 a barrel, while US West Texas Intermediate (WTI) crude futures were down $1.14, or 1.1%, to $101.29. Both benchmarks fell about $3 on Wednesday.
According to Oman News Agency, the decline in oil prices comes amid easing concerns over potential disruptions in oil supply from the Middle East region. This development has provided some relief to markets that were previously jittery over geopolitical tensions that could have impacted oil production and exports.
The reduction in oil prices is significant, as both Brent and WTI crude benchmarks experienced a notable drop of approximately $3 in the previous trading session. This trend suggests a stabilization in market sentiment concerning the security of oil supplies from the Middle East.
