Global markets witness drop in oil prices

The price of oil has dropped in global markets, Azernews reports.

At the ICE (InterContinental Exchange Futures) exchange in London, the price of one barrel of oil branded "Brent" decreased by 0.8 dollars to 85.45 dollars.

Meanwhile, at the NYMEX (New York Mercantile Exchange) exchange in New York, the price of one barrel of oil branded "Light" amounted to 80.91 dollars, decreasing by 0.71 dollars.

The latest price of crude oil in the international market is subject to constant fluctuations due to factors such as global demand, geopolitical events, production levels, and economic indicators.

The COVID-19 pandemic also had a dramatic effect on oil prices in recent times. Lockdown measures and travel restrictions significantly reduced global oil demand, leading to a sharp decrease in prices. However, as vaccination programs progress and economies recover, oil prices have shown signs of recovery.