London: Oil prices experienced a decline of 2% at settlement. Brent crude futures decreased by $1.72, or 2.2%, settling at $76.30 per barrel. Meanwhile, US West Texas Intermediate crude futures also fell by $1.44, or 1.96%, closing at $72.08 per barrel.

According to Emirates News Agency, the decrease in oil prices was observed across both Brent and US West Texas Intermediate crude futures. The market's response resulted in a significant reduction in the value of these key benchmarks. The fall in prices reflects adjustments in trading and market conditions.