Global oil prices drop over 1%

Oil prices dropped on January 8 after a strong rise on January 5 and throughout last week on fears that the growing conflict in the Middle East will limit the crude supplies to the world market, Report informs referring to Interfax.

The decrease was facilitated by information that Saudi Arabia will lower prices for all types of oil for all regions in February. Prices for Asian buyers will be reduced by $2 per barrel, state-owned Saudi Aramco announced.

The cost of March futures for Brent oil on the London ICE Futures exchange amounted to $77.88 per barrel, which is $0.88 (1.12%) lower than at the close of previous trading.

WTI oil futures for February in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.9 (1.22%) to $72.91 per barrel.

Over the past week, Brent rose in price by 2.2%, WTI by 3%, Market Watch notes.

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