Oil Prices Fall Amid Easing Middle East Tensions

Oil prices declined, marking their largest weekly drop, amid cautious optimism over easing tensions in the Middle East and expectations regarding supply.اضافة اعلان

West Texas Intermediate (WTI) crude futures fell to around $61.35 per barrel on Friday morning, extending losses from the previous session as geopolitical risk premiums eased following progress in ceasefire talks between Israel and Hamas.

Brent crude prices also dropped to $64.80 per barrel, after closing down 1.6% on Thursday, according to Bloomberg.

On a weekly basis, both crude benchmarks remain up about 1.2% following the sharp declines recorded last week.

— (Petra)