Oil prices decline amidst expected Middle East supply disruptions

Economy

Published: 2024-01-15 12:47

Last Updated: 2024-02-25 15:58


Oil prices decline amidst expected Middle East supply disruptions
Oil prices decline amidst expected Middle East supply disruptions

Oil prices declined on Monday amid anticipated supply disruptions coming out of the Middle East following the American and British airstrikes against Houthis in Yemen.

Brent crude futures fell 31 cents, or 0.4 percent, to USD 77.98 a barrel after previously rising 1.1 percent at Friday's close.

Meanwhile, West Texas Intermediate (WTI) crude oil settled at USD 72.36 per barrel, down 32 cents, or 0.4 percent, after a nearly 1 percent increase in the previous session.

Both benchmark crudes surged more than 2 percent the previous week.