London: Oil prices experienced a decline of about 2% during the close of trading on Wednesday, following a recovery from a significant sell-off earlier in the week. This marks a continued trend in fluctuating oil prices amid global economic uncertainties.

According to National Iraqi News Agency, Brent crude futures decreased by $1.03, or 1.66%, settling at $61.12 per barrel. Similarly, West Texas Intermediate (WTI) crude futures saw a drop of $1.02, or 1.73%, concluding at $58.07 per barrel. Both benchmarks have now reached their lowest levels in four years, echoing the settlement figures from February 2021.

This decline comes on the heels of market adjustments earlier in the week when oil prices experienced a sharp sell-off. The recent fluctuations in oil prices have been attributed to various factors affecting global oil demand and supply dynamics, including geopolitical tensions and shifts in production output.