Oil Prices, which had been steadily rising and reached $100 per barrel in the global market, has experienced a significant drop.
Global media reports that oil prices in the international market fell from a 10-month high on Wednesday, just ahead of the U.S. Federal Reserve’s interest rate decision. According to the reports, the price of Brent crude futures, which serve as the global benchmark, decreased by approximately one dollar to $93.33 per barrel, down from $93.54 per barrel the previous day. Earlier, Brent crude had reached levels around $96 per barrel.
U.S. West Texas Intermediate (WTI) crude futures also saw a decline of 0.8 percent, equivalent to 75 cents, bringing the price down to $90.45 per barrel. These prices had recently reached a 10-Month high of $93.74 per barrel. The October WTI contract was set to expire on Wednesday, with the more active November contract falling by 70 cents, or 0.8 percent, to $89.78 per barrel.
It’s important to note that although crude oil prices had been on the rise in the global market, with increased demand in China and production cuts by Russia and Saudi Arabia contributing to a 30% price increase since June, recent developments have led to a downward trend in oil prices.