Oil Prices Drop to Lowest Level in Over Three Months

Oil prices plunged by more than five percent on Wednesday at the close of trading, reaching their lowest levels in more than three months.

Brent crude futures fell by $4.21, or 5.1%, to settle at $78.96 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude dropped by $4.70, or 5.8%, to $76.05 per barrel.

Brent contracts recorded their lowest close since March 2, while U.S. crude prices reached their lowest closing level since March 4.