2024-01-22T05:03:30+00:00
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/ Oil prices fell, on Monday, for the second day in a row as unfavorable economic factors continued to put pressure on global demand expectations and their impact outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export station at the weekend.
By 01:05 GMT, the price of Brent crude fell 41 cents, or 0.5 percent, to $78.15 a barrel, after falling 54 cents upon settlement on Friday.
West Texas Intermediate crude futures for February delivery fell two years to $73.39 per barrel.
The contract expires later on Monday.
The most active March contracts for West Texas Intermediate crude recorded $72.95 per barrel, down 30 cents.
There was little change in prices despite reports of what was alleged to be a Ukrainian drone attack on a Russian fuel export station.
Russian gas producer Novatek announced on Sunday that it was forced to suspend some of its operations at the station overlooking the Baltic Sea due to a fire.
In the Middle East, war is raging in the Gaza Strip, while the United States bombed another anti-ship missile that the Houthis in Yemen were preparing to launch into the Gulf of Aden on Saturday.
The Houthi attacks in the Red Sea and Gulf of Aden caused disruption in global trade and led to a decrease in the supply of crude oil in European and African markets.