Windhoek: The price of Brent crude has decreased to below $60 per barrel for the first time since February 8, 2021, trading data revealed on Wednesday. This significant drop marks a notable point in the oil market, reflecting shifts in demand and supply dynamics.
According to Namibia Press Agency, as of 10:21 GMT, the price of June futures for Brent crude oil decreased by 4.79% to $59.81 per barrel. In parallel, the price of May futures for West Texas Intermediate (WTI) saw a decline of 5.02%, bringing it down to $56.59 per barrel. This development in the oil market could have wide-reaching implications for global economic activities and energy policies.