Brent crude futures dropped by $2.84, or 4.27%, to $63.68 per barrel. U.S. West Texas Intermediate (WTI) crude also declined by $2.68, or 4.32%, to $59.34 per barrel.

In the previous session, Brent futures had risen above $66.50 per barrel, supported by buying momentum, but prices later retreated and surrendered most of those gains by the end of trading.

Market participants said the sharp move underscores the ongoing volatility in global oil markets, where prices are often driven by changing expectations around economic growth, demand outlook, and supply conditions. Traders are also closely watching developments related to major oil producers and broader financial markets for signals that could influence price direction in the coming days.

Despite the decline, some analysts note that oil prices remain within a relatively active trading range, reflecting continued uncertainty about the balance between global supply and demand.