Riyadh: Oil prices closed lower on Thursday, with both Brent crude and US West Texas Intermediate recording notable declines amid market pressure. Brent crude futures fell by $2.44, or 2.32%, to settle at $102.58 a barrel. US West Texas Intermediate crude also declined, dropping $1.91, or 1.94%, to settle at $96.35 a barrel.

According to Qatar News Agency, the losses reflected weaker market sentiment as traders monitored global economic conditions and energy demand expectations. The decline in oil prices can be attributed to concerns about the global economic outlook, which has been influencing energy markets in recent weeks.

Market analysts are closely watching indicators that may impact future oil demand, including economic data releases and geopolitical developments. These factors continue to play a significant role in shaping the energy market landscape.

The recent fluctuations in oil prices underscore the ongoing volatility in the market, driven by a multitude of factors affecting both supply and demand dynamics. Traders and investors remain cautious as they assess the potential implications of changing global economic conditions on energy consumption patterns.