WTI Crude is down 0.88%, while Brent is down 0.94%. At the time of writing, WTI Crude is trading at $76.40 per barrel, while Brent costs $81.25 .
The loss follows the 4% drop in the oil prices yesterday.
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Oil prices have been falling as ceasefire talks developed in the Middle East. Although, a ceasefire is yet to be agreed upon.
On Thursday the Israeli army announced it attacked approximately 300 Hamas points on Wednesday, despite ongoing intensive hostage negotiations.
OPEC+ was supposed to meet on Sunday but was rescheduled to November 30th, which also did not reflect positively on oil.
OPEC+ sources informed Reuters that the situation is due to an issue with some African countries, but exact details are unclear.