Oil Prices Drop

As a result of trading sessions at the world's largest commodity exchanges on October 2, the following oil prices have been established. At the New York Merchantile Exchange (NYMEX), the price of WTI (Light Sweet) oil has decreased by 2.53%, now standing at $52.84, as reported by Armenpress.

At the London InterContinental Exchange (ICE), the price of Brent oil has dropped by 2.58%, now reaching $57.76. Oil is measured in barrels, with one barrel equivalent to 158.98 liters.

The NYMEX is an American futures exchange founded in 1882, holding the top position in oil futures trading. Currently, trading continues in two exchange units: NYMEX for oil, gas, platinum, palladium, ethanol, coal, electricity, and carbon dioxide emissions, and COMEX for gold, silver, copper, and aluminum.

The London Intercontinental Exchange (ICE) is a global financial futures and options exchange based in London, established in 1982.