The sharp decline in prices was attributed to developments in the Gaza Strip following the implementation of a ceasefire.
North Sea crude oil, a benchmark in Europe, closed the session at the International Exchange trading at $2.49 below the $65.22 it finished at on Thursday.
While the reduction in geopolitical tension in the Middle East contributed to the decrease in prices, it already reflected investor concerns about an oversupply. This comes after OPEC+, which includes OPEC members and allies such as the Russian Federation, decided to increase production for the eighth consecutive month.
