New York: Global oil prices dropped sharply on Monday, with Brent crude falling by 7% to trade below $97 per barrel amid light trading activity during the US Memorial Day holiday.
According to market data reported by Emirates News Agency, Brent crude futures declined by $7.24 to settle at $96.30 per barrel by 18:43 GMT.
Meanwhile, US West Texas Intermediate (WTI) crude futures fell by $6.30, representing a decline of 6.5%, to reach $90.88 per barrel.
Analysts attributed the sharp decline partly to reduced trading volumes as US financial markets observed the Memorial Day holiday, resulting in thinner liquidity and heightened market volatility.
The decline marks one of the steepest single-day drops in oil prices in recent weeks and comes amid continued market uncertainty surrounding global demand trends, geopolitical developments, and economic outlook concerns.
Oil traders continue to closely monitor international market conditions, supply dynamics, and broader economic indicators that could influence energy prices in the coming weeks.
