Global Oil Market: Prices Drop as Supply Concerns Fade
Oil prices decreased today because the worries about a possible shortage of oil supply have decreased. This decrease in worry led to a drop in prices in the global crude market. Specifically, the price of Brent crude fell by 2% to $79.24 dollars per barrel, and the price of US West Texas Intermediate (WTI) oil fell by 2.2% to $75.43 dollars per barrel.
The oil price is the cost of one barrel of oil, which is about 159 liters. There are different types of oil, but some well-known ones are West Texas Intermediate(WTI), Brent Crude, and Dubai Crude. These types of oil serve as references for buyers and sellers.
