Brent Crude Falls 1.2% in Early Trading Amid Ongoing Pressure

Oil prices dropped in early trading on Thursday following losses seen in the previous session. The ongoing pressure on crude markets has been weighing on oil prices, according to Qazinform News Agency citing WAM.

As of 00:49 GMT, Brent crude futures had fallen $1.24, or 1.2 percent, to $104.59 per barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $1.14, or 1.1 percent, to $101.29 per barrel.

The benchmarks had fallen by around $3 per barrel by the close of trading on Wednesday, Qazinform reported. Oil prices surged to multi-month highs earlier, but have since reversed course.