Price Of Brent Oil Falls Below $83 Per Barrel

For the first time since August 25.

The price of January futures for Brent oil at the London ICE Futures exchange fell by 2.75%, dropping to $82.84 per barrel as of 18:35 Minsk time. A barrel of Brent oil costs less than $83 for the first time since August 25, 2023.

The price of WTI oil futures for December delivery fell on November 7 on the New York Mercantile Exchange by 2.70% and amounted to $78.64 per barrel. Below $79, this variety is traded for the first time since August 25, 2023.

Oil is falling in price as market fears that the conflict in the Middle East will spread to the entire region and cause supply disruptions are diminishing.