On Friday, global oil prices fell for the third consecutive session, primarily due to potential peace efforts between Russia and Ukraine and uncertainty regarding U.S. interest rate cuts.
Analysts say that if a peace agreement is reached between the two countries, additional oil supply could enter the global market, putting further pressure on prices.
- Brent crude futures fell by 71 cents, or 1.12%, to $62.67 per barrel.
- U.S. West Texas Intermediate (WTI) crude also dropped 71 cents, or 1.20%, to $58.29 per barrel.
Experts predict that over the course of this week, both benchmark prices could see a total decline of more than 2%, mainly due to concerns about oversupply in the market.
