Oil Prices Rise After Decline

Oil prices are experiencing a moderate rise this morning following a sharp decline in the previous session. The price of March futures for Brent crude on the London ICE Futures exchange has reached $77.59 per barrel, which is up by $0.44 (0.57%) from the previous session's closing price.

On Thursday, these contracts dropped by $2.39 (3%), ending at $77.15 per barrel.

Meanwhile, the February futures for WTI crude saw an increase of $0.31 (0.43%) during electronic trading on the New York Mercantile Exchange (NYMEX), now priced at $72.08 per barrel. At the end of the last session, they had decreased by $2.34 (3.2%), settling at $71.77 per barrel.

The primary reason analysts attribute to the recent drop in oil prices was the diminishing concerns related to Houthi attacks on transport ships in Yemen.