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Global oil prices fall to more than one-week low

VB Desk,  International

VB Desk, International

Global oil prices fell sharply on Monday (July 27), settling at their lowest levels in more than a week amid a broad sell-off in the international energy market.

The price of Brent crude, the international benchmark, dropped 8.7%, or $8.42 per barrel, to settle at $88.36 a barrel, its lowest closing level since July 17.

Meanwhile, US West Texas Intermediate (WTI) crude declined 7.5%, or $6.70 per barrel, to $82.61 a barrel at the close of trading.

The sharp declines marked the lowest settlement prices for both benchmark crude contracts in more than a week.

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