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Decline in Oil Prices
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Oil prices fell at settlement today, Thursday, heading towards the worst annual decline since 2020, as investors assessed U.S. economic growth and the risks to supply disruptions from Venezuela and Russia.
Thus, Brent crude futures dropped by 14 cents or 0.2% to $62.24 per barrel at settlement.
West Texas Intermediate crude also declined by three cents or 0.05% to $58.29.
Both contracts have gained about six percent since December 16, when they fell to their lowest levels in nearly five years.
