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Global oil prices decline

31 May 2024 11:30 (UTC+04:00)
Global oil prices decline
Nazrin Abdul
Nazrin Abdul
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Global oil prices have declined, Azernews reports.

On the London ICE ("InterContinental Exchange Futures") exchange, the price of a barrel of "Brent" oil fell by $0.19 to $81.67. Similarly, the price of one barrel of "Light" oil on the New York NYMEX ("New York Mercantile Exchange") dipped by $0.23 to $77.68

This shift comes amidst various factors influencing the oil market, including fluctuating demand due to economic conditions, geopolitical tensions, and supply dynamics influenced by production decisions of major oil-producing nations.

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