Global oil prices have dropped below the key $90 mark, settling around $88 per barrel, signaling a shift in market sentiment. The decline is largely driven by concerns over slowing economic activity in major economies, which is reducing overall demand for energy.

At the same time, supply pressures are increasing. Higher crude inventories and stronger-than-expected production from major oil-producing countries have added downward momentum, as output has remained steady or even risen despite earlier expectations of cuts.

Additional factors, such as a stronger U.S. dollar, have made oil more expensive for international buyers, further weakening demand. Meanwhile, easing geopolitical tensions in some regions have reduced fears of supply disruptions, contributing to the price drop.

Energy markets are now in a wait-and-see phase. Investors are watching economic data and central bank decisions closely, as continued weakness could push prices lower—though any sudden geopolitical shift or production cuts could quickly reverse the trend.READ MORE BELOW