London: Oil prices fell by more than two percent at settlement, approaching their lowest level in nearly four years. Brent crude futures fell $1.37, or 2.1 percent, to settle at $64.21 a barrel. US West Texas Intermediate (WTI) crude futures also fell $1.29, or 2.1 percent, to settle at $60.70.

According to National Iraqi News Agency, the decline in oil prices brings them closer to levels not seen in almost four years. The drop in prices reflects ongoing concerns in the global oil market. The reduction in Brent crude futures and US WTI crude futures underscores the current trend affecting oil prices worldwide.