New york: Oil prices fell by more than a dollar at settlement today, marking their lowest level since February 2021. Brent crude futures dropped $1.64, or about 2.71 percent, to close at $58.92 a barrel. US West Texas Intermediate crude settled at $55.27 a barrel, down $1.55, or 2.73 percent. According to Qatar News Agency, the reduction in oil prices is attributed to market conditions that have impacted demand and supply dynamics globally. This significant decrease reflects ongoing concerns over economic growth and energy consumption patterns.
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