Global oil prices fell on Wednesday but remain at high levels

Oil remains a key resource shaping the global economy. Even minor price fluctuations reflect a complex balance between supply, demand and geopolitical risks. The decline recorded on Wednesday does not change the overall picture: the market remains tight, and prices are historically high.

The price of West Texas Intermediate crude for October delivery fell 3.21 percent, closing at $102.43 per barrel on the New York Mercantile Exchange. The price of Brent crude for November delivery declined 2.69 percent, closing at $105.83 per barrel on the ICE Futures exchange in London.

As reported by CCTV+, the price drop was a correction after recent gains, but fundamental factors, including limited supply and geopolitical instability, continue to keep the oil market at a high level.