Oil prices on global markets have fallen below $104 per barrel, APA-Economics reports.
Brent crude futures for November delivery declined by $0.95, or 0.91%, to $103.87 per barrel.
WTI crude futures for October delivery fell by $0.79, or 0.78%, to $101.12 per barrel.
The decline in oil prices is driven by indicators of weakening fuel demand in the United States and a market correction following the previous sharp price increase.
However, ongoing tensions in the Middle East and risks associated with supplies through the Strait of Hormuz are limiting a sharper decline in prices.
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