Baku: Oil prices have declined slightly on global markets, APA-Economics reports. August futures for WTI crude on the New York NYMEX commodity exchange fell by $0.02, or 0.03%, to $68.67 per barrel. Meanwhile, September futures for Brent crude on the ICE London exchange declined by $0.17, or 0.24%, to $71.95 per barrel.

According to Azeri-Press News Agency, analysts note that the decline in oil prices was influenced by market participants' cautious stance regarding the pace of global economic growth and the outlook for energy demand. This cautious stance is reflective of broader concerns about the sustainability of the current economic recovery and potential impacts on energy consumption patterns globally.