Oil contracts fell more than 1% in the early Asian trading session on Thursday, Saudi Press Agency officials reported. Brent crude futures slid 1.33% to $111.92 a barrel, and West Texas Intermediate (WTI) fell 1.71% to $102.34.
The Agency’s figures show the drop in price as a continuation of the downward trend seen in global energy markets over recent days.
Brent futures, the benchmark for international oil prices, fell $1.51 in value to reach the $111.92 level. WTI – the U.S. benchmark – declined $1.78 and ended the session at $102.34.
Saudi Press Agency noted the decline during the early Asian trading session, citing Wednesday afternoon’s downward movement on both major crude benchmarks.
In a brief statement, the press agency recorded the price fall as a sign that global oil markets remain under pressure despite the ongoing energy transition and fluctuations in supply and demand.
These declines came amid placing a further emphasis on the resilience of oil markets, which continue to grapple with geopolitical and economic uncertainties.
