Global oil prices extend decline as Brent Crude falls below $73 barrel

LONDON: Global oil prices continued to decline in the latest trading session, extending a downward trend driven by easing supply concerns and weaker demand expectations.

Brent crude, the international benchmark, fell to $72.91 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped to $69.63 per barrel. Abu Dhabi’s Murban crude also declined, trading at $66.35 per barrel.

Natural gas prices fell to $3.31 per million British thermal units (MMBtu), reflecting broader weakness across energy markets.

Economic analysts said Brent crude has now reached its lowest level since tensions between the United States and Iran escalated earlier this year.

Market observers attributed the decline to improving global supply conditions and concerns over slowing demand growth in major economies. Increased production levels and easing geopolitical fears have also helped reduce pressure on energy markets.

The latest price movements are being closely monitored by investors and policymakers as energy costs remain a key factor influencing inflation and global economic growth.