NEW YORK, March 11 (Xinhua/APP) –:Oil prices dropped on Thursday as volatile trading continues amid geopolitical risks.
The West Texas Intermediate for April delivery lost 2.68 U.S. dollars, or 2.5 percent, to settle at 106.02 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 1.81 dollars, or 1.6 percent, to close at 109.33 dollars a barrel on the London ICE Futures Exchange.
The above market reactions followed a marked price correction on the oil market, which saw the U.S. crude standard and Brent slump 12.1 percent and 13.2 percent, respectively, on Wednesday.
Traders continue to weigh supply risks amid the ongoing Russia-Ukraine conflict.
On Wednesday, the ambassador of the United Arab Emirates (UAE) to the United States said that his country favors an oil production increase and will be encouraging OPEC to consider higher output.
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