Oil Prices Continue to Decline as Global Supply Concerns Ease

Global crude oil prices have continued their downward trajectory, approaching levels seen prior to the recent geopolitical tensions, driven by easing supply concerns and the resumption of smooth oil flows through vital maritime corridors. Brent crude futures fell by 1.3% to settle at $72.91 a barrel, while US West Texas Intermediate (WTI) dropped by 1.24% to $69.43 a barrel. These mark the lowest levels recorded since late February. In a clear indicator of abundant near-term market supply, near-month Brent contracts traded at lower prices than subsequent months' contracts, reflecting notable stability in current supply dynamics.