Crude oil prices witnessed a significant decline in the international market on Wednesday, according to a foreign news agency.
Brent crude fell by 10.67 per cent to settle at $98.57 per barrel, while US West Texas Intermediate (WTI) crude dropped by 11.41 per cent, reaching $90.57 per barrel.
In addition, natural gas prices also recorded a decrease of 2.76 per cent, falling to $2.73 per MMBtu. Market analysts attribute the downward trend to shifting global demand and supply dynamics.
Experts suggest that the possible reasons for this drop in oil prices include a slowdown in global demand, an increase in supply, and ongoing international economic uncertainty. Some analysts believe that if this trend continues, it could have an impact on the global economy as well as on local petroleum product prices.
It is important to note that fluctuations in global oil prices directly affect the economies of importing countries, including Pakistan, where a reduction in prices is likely to provide relief to the public.
It is worth mentioning here that last week, crude oil prices climbed sharply in international markets following the closure of the Strait of Hormuz and a series of attacks on oil tankers, raising concerns over global supply disruptions.
US West Texas Intermediate (WTI) crude rose by $3.59 to settle at $105.53 per barrel, while Brent crude, the international benchmark, gained $5.88 to reach $114.05 per barrel. The global benchmark Abu Dhabi Murban crude climbed $2.74 to $106.50 per barrel.
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