In the latest trading sessions, global oil prices have seen a slight decline, Azernews reports.

On the ICE London Intercontinental Exchange, the September 2024 contract for Brent crude oil decreased by 0.02%, settling at $82.38 per barrel.

In parallel, on the NYMEX commodity exchange in New York, the price of WTI (West Texas Intermediate) crude oil for September delivery fell by 0.1%, bringing the price to $78.32 per barrel. WTI is the primary benchmark for oil prices in North America and is known for its role in the pricing of crude oil in the U.S. market.

This subtle dip reflects ongoing market adjustments as investors react to a range of factors including geopolitical tensions, economic data releases, and changes in global oil supply and demand dynamics.

Brent crude oil, one of the major global benchmarks, is often used as a reference for the pricing of oil across Europe, Africa, and the Middle East. Its price movements are closely watched as they can influence global oil market trends and economic conditions.