New York: Oil prices fell more than two percent on Monday. Brent crude futures witnessed a decrease of $1.70, or 2.5 percent, settling at $66.26 a barrel. This drop comes after a rise of 3.2 percent on Thursday. Similarly, US West Texas Intermediate crude saw a fall of $1.60, or 2.5 percent, settling at $63.08 a barrel, following a 3.54 percent increase in the previous session.

According to National Iraqi News Agency, the decline in oil prices marks a significant shift after the previous gains observed in the market. The drop in prices is being closely monitored by analysts who are considering the various factors that could have contributed to this movement, including supply and demand dynamics, geopolitical factors, and market sentiment.

The fall in both Brent crude and US West Texas Intermediate crude prices highlights the volatility and unpredictability that often characterizes the oil market. Market participants are advised to stay informed and cautious as they navigate these changing conditions.