Oil prices slide on global markets

Crude oil benchmark prices moved lower on international commodity exchanges on August 5 as traders evaluated global economic data and demand signals.

Brent crude futures for October delivery dipped 1.33% to trade at $78.30 per barrel on the London ICE exchange.

Meanwhile, West Texas Intermediate (WTI) futures for September delivery on the New York Mercantile Exchange fell 1.73% to $74.45 per barrel.

Market analysts attribute the decline to investor caution over macroeconomic uncertainty and shifting global supply dynamics.

N.Tebrizli