LONDON: Global crude oil prices fell further in international trading on Thursday, extending a recent downward trend driven by easing geopolitical tensions and shifting supply-demand dynamics.
Benchmark Brent crude declined to $72.91 per barrel, while West Texas Intermediate (WTI) slipped to $69.63 per barrel. The Abu Dhabi benchmark Murban crude also dropped, settling at $66.35 per barrel. Meanwhile, natural gas prices were recorded at $3.31 per million British thermal units (MMBtu).
Some market experts say that the continuing fall in prices of crude oil has been mainly caused by easing supplies and weaker demand in major consuming areas. Other market experts have attributed the fall in prices of global energy products to a diplomatic development in U.S.-Iran relations.
Some economists noted that this marked the lowest level of Brent crude prices recently traded amid the increasing tensions caused by the Iran-Israel conflict.
The analysts have noted that this fall was mainly fueled by expectations of stable supplies of oil and moderation in global demand for energy commodities.
Energy markets continue to attract much attention as traders evaluate the consequences of geopolitical events and possible changes in the policy of major oil-producing nations.
In spite of the fall experienced recently, analysts expect that volatility in the global oil market will continue in view of the uncertainties in the international environment.
