London: Oil prices declined in global markets. On the London Intercontinental Exchange (ICE), the price of Brent crude dropped by $0.95 to settle at $96.86 per barrel. On the New York Mercantile Exchange (NYMEX), the price of Light crude fell by $0.87, trading at $95.15 per barrel.

According to Azerbaijan State News Agency, this decline in oil prices reflects ongoing fluctuations in the global energy markets. The adjustments in the prices are influenced by various market dynamics, including supply and demand factors, geopolitical developments, and economic indicators worldwide.

The recent drop in Brent and Light crude prices could have implications for both producers and consumers. For oil-exporting countries, such decreases might affect revenue from oil exports, while consumers might experience changes in fuel prices. Market analysts continue to monitor these developments closely as they assess future trends in the oil industry.