(MENAFN- AzerNews) The price of oil has dropped in global markets, Azernews reports.
At the ICE (InterContinental Exchange Futures) exchange inLondon, the price of one barrel of oil branded "Brent" decreased by0.8 dollars to 85.45 dollars.
Meanwhile, at the NYMEX (New York Mercantile Exchange) exchangein New York, the price of one barrel of oil branded "Light"amounted to 80.91 dollars, decreasing by 0.71 dollars.
The latest price of crude oil in the international market issubject to constant fluctuations due to factors such as globaldemand, geopolitical events, production levels, and economicindicators.
The COVID-19 pandemic also had a dramatic effect on oil pricesin recent times. Lockdown measures and travel restrictionssignificantly reduced global oil demand, leading to a sharpdecrease in prices. However, as vaccination programs progress andeconomies recover, oil prices have shown signs of recovery.
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