Economy Country March 05, 2025

Oil Prices Drop for Third Day

Oil prices declined for the third consecutive session on Wednesday, highlighting ongoing market volatility. Analysts attribute this trend to rising supply and ongoing geopolitical tensions affecting production.


Oil Prices Drop for Third Day

Oil prices fell on the third day in a row, as traditional worries about the recovery of demand amid rising numbers of coronavirus cases in various countries intensified due to the increase in the number of cases in India, Turkey, and several African countries.

It is worth noting that Brent North Sea crude fell by 22 cents to $66.31 a barrel. At the same time, WTI futures for June fell by 18 cents, reaching $63.68 a barrel.

"Oil prices are under pressure due to the concerns that worsening pandemics in India, Turkey, and several African countries may hinder the recovery of demand," said an analyst.