SINGAPORE: Global oil prices recorded a significant decline on Thursday, with both major crude benchmarks falling by more than $1 a barrel. The decline was attributed to growing expectations of progress in diplomatic efforts aimed at ending the conflicts in the Middle East and between Russia and Ukraine.
Brent crude futures fell by $1.14, or 1.2%, to $91.62 a barrel. Similarly, US West Texas Intermediate (WTI) crude futures dropped by $1.04, or 1.2%, to $85.49 a barrel.
It is worth noting that Brent crude prices had risen by around 1.4% on Wednesday, while US crude gained 0.6%. Before those gains, both benchmarks had fallen to their lowest levels in two months.
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