Oil prices fall in global markets

After reaching a weekly high, oil prices have finally fallen in the global market. Oil prices have eased somewhat in the global market as trade risks have been reduced following an agreement between Palestinian resistance fighters and Israel to end the war in Gaza.

According to a Reuters report, the price of Brent crude fell by 24 cents, or 0.4 percent, to $64.98 per barrel by 12:30 p.m. on Friday (October 10). On the same day, the price of US West Texas Intermediate (WTI) oil fell by 20 cents, or 0.3 percent, to $61.31.

Earlier, oil prices rose by about 1 percent on Wednesday (October 8) to a one-week high due to the stalled progress of the Russia-Ukraine peace deal. This indicated that sanctions against Russia, the world's second-largest oil exporter, would continue.

Meanwhile, a ceasefire agreement was signed between Israel and Palestinian resistance fighters on Thursday (October 9) in the first phase of ending the war in Gaza. As a result of the agreement, fuel prices fell slightly on Friday.