Doha: Oil prices extended their decline on Thursday to near levels last seen about four months ago. Brent crude futures for August delivery fell $1.22, or 1.65%, to $72.52 a barrel, while US West Texas Intermediate lost $1.02, or 1.45%, to $69.32 a barrel.
According to Qatar News Agency, both contracts fell to their lowest level since February 27, 2026. The August Brent contract was trading lower than the September contract, which was priced at $73.59, indicating ample short-term supply in the market.
Traders are closely monitoring these developments as the oil market faces fluctuations due to various factors, including global demand and geopolitical influences. The recent decline suggests a shift in market dynamics, with potential impacts on producers and consumers worldwide.