Crude oil prices fell by more than four percent last week, and this decline continued on Monday.

Brent crude fell 52 cents, or 0.78 percent, to $66.07 per barrel in late trading. US West Texas Intermediate (WTI) crude fell 58 cents to $63.30 per barrel.

Also Read: Gold prices dip after three-day surge in Pakistan

According to experts, the main reasons for the fluctuations in crude oil prices in the global market are the global economic situation, the balance in oil production, and supply and demand factors.

It should be noted that the recent decline in oil prices has helped reduce the financial burden for both the energy industry and consumers.

Last week, the price of Brent crude fell by a total of 4.4% and the price of WTI by 5.1%, bringing oil prices to a low level in the global market.

Lower oil prices are also likely to reduce energy prices, which could benefit the global economy, especially countries that import oil.

However, analysts say that it is important to monitor global economic conditions and production strategies to stabilize oil prices, as prices could rise again at any time.