New york: Oil prices in world markets fell by around $1.5, APA-Economics reports. The decline in prices was observed on September 5, marking a significant drop in crude oil futures.

According to Azeri-Press News Agency, the price of October futures for WTI crude oil on the New York Mercantile Exchange (NYMEX) decreased by $1.61, or 2.54%, reaching $61.87 per barrel. This reduction reflects a notable shift in market dynamics impacting the cost of oil.

In addition, the ICE London Intercontinental Exchange reported a decrease in the price of November futures for Brent crude oil by $1.49, or 2.22%, bringing the price down to $65.50 per barrel. This change highlights the ongoing fluctuations in the global oil market and the challenges faced by the industry.