Brent oil price drops below $61 per barrel on ICE first time since March 2021

The price of futures contracts of Brent crude oil for June 2025 delivery has dropped below $61 per barrel on London's ICE for the first time since March 25, 2021, according to trading data, Report informs.

As of midnight GMT, the Brent price was down by 5.39%, to $60.89 per barrel.

By 12:07 a.m. GMT, the price of Brent futures contracts had narrowed losses to $61.33 per barrel (-4.71%). Meanwhile the price of futures contracts of WTI crude oil for May 2025 delivery was down by 5.93%, at $57.9 per barrel.