Brent crude hits 18-month low as OPEC+ delays production increase

Brent crude hit its lowest level in nearly a year and a half, driven by concerns over the global economy, despite a decision by some oil-exporting countries in the OPEC+ alliance to delay production increases.

Energy prices saw a significant drop on Friday evening, with Brent crude falling to USD 71.07 per barrel, down 2.23 percent.

West Texas Intermediate (WTI) crude also decreased by 2.26 percent, reaching USD 67.59 per barrel.

Similarly, NYMEX crude saw a decline, dropping to USD 67.28 per barrel, a 2.97 percent decrease, shedding USD 2.06 from its value.

Natural gas prices dipped slightly, falling to USD 2.25150, down 0.31 percent, losing USD 0.007 in value.

These declines come amid market volatility and reduced global energy demand.