Oil prices fall as Brent drops to $98.23 per barrel
Oil prices hit a two-week low on Monday as improved Gulf supply outlook eases market concerns.
Key Takeaways
AIOil prices fell on Monday to their lowest levels in two weeks, as expectations for increased oil supply from the Gulf region improved.
According to Reuters, Brent crude futures for November delivery dropped by $2.11, or 2.1%, to $98.23 per barrel in late trading.
The decline comes as global markets monitor supply developments and the balance between supply and demand, particularly amid signs of higher output from Gulf countries.