Benghazi – Oil prices saw slight declines during Wednesday’s trading session settlement. Brent crude futures dropped 14 cents, a 0.22% decrease. It settled at $62.24 per barrel. US crude futures fell 3 cents, representing a 0.05% decline. It reached $58.35 per barrel.
Both contracts had gained approximately six percent since December 16. They had previously fallen to their lowest levels in nearly five years.
US data indicated the world’s largest economy grew at its fastest pace in two years during the third quarter. This was due to strong consumer spending. Exports also saw a significant recovery.
Despite this, Brent crude prices are expected to drop around 16% this year. West Texas Intermediate crude is projected to fall by about 18%. This would mark the largest decline since 2020. The COVID-19 pandemic led to a sharp decrease in oil demand then.