Ankara: Global oil prices recorded a sharp decline on Friday, as Brent crude futures fell by USD 2.16, or 3.31%, to USD 63.06 per barrel, while US West Texas Intermediate (WTI) crude dropped by USD 2.15, or 3.45%, to USD 59.40, the lowest level since May. The decline was attributed to easing concerns over potential supply disruptions, along with the OPEC+ alliance's decision to increase production in November by less than expected, which helped reduce fears of oversupply.
According to Bahrain News Agency, despite the daily drop, oil prices still posted a weekly gain of about 0.7%.