Doha: Oil prices closed lower on Thursday, with both benchmark crude contracts falling by nearly 2% amid ongoing market volatility. Oil prices have been affected by various factors over recent weeks, leading to increased caution among investors.

According to Qatar News Agency, Brent crude futures dropped by US$ 1.24, or 1.9%, to settle at US$ 64.11 per barrel. Meanwhile, West Texas Intermediate (WTI) crude fell by US$ 1.30, or 2.1%, to close at US$ 60.48 per barrel. These declines are reflective of the current market environment, which is characterized by uncertainty surrounding global economic conditions and demand projections.

The decline in oil prices has been attributed to a combination of factors, including concerns about the global economic outlook and fluctuating oil demand. Investors are closely monitoring these developments, as they try to navigate the unpredictable market conditions. The recent price movements underscore the challenges faced by the oil industry in maintaining stability amid external pressures.