The North Sea crude, a benchmark in Europe, closed the session on the International Exchange trading $1.03 below the $66.25 with which it ended transactions on Wednesday.
Today’s drop was attributed to the easing of the situation in the Middle East following the announcement of an agreement between the Israeli government and the Palestinian Hamas movement to implement the first phase of Donald Trump’s plan.
While this reduction in regional tension put pressure on oil prices, they have not yet recovered from last week’s slump, amidst fears of oversupply after OPEC+ decided to increase production in November, continuing an eight-month trend.
OPEC+ refers to the group that includes members of the Organization of Petroleum Exporting Countries along with allies such as the Russian Federation.
