Brent crude falls over 10%, easing pressure on energy sector

NEW YORK: A significant decline in crude oil prices has been recorded in the global market, where a major relief is expected in energy markets.

According to international reports, the price of Brent crude oil has decreased by 10.67%, and its new price is $98.57 per barrel.

Similarly, the US West Texas Intermediate (WTI) crude oil has also fallen by 11.41% to $ 90.57 per barrel.

Economists say that the global economic slowdown, reduced demand for crude oil, and increased supply have played an important role in bringing down prices.

On the other hand, a decline has also been seen in natural gas prices, which have decreased by 2.76% to $ 2.73 per MMBTU.

According to economic analysts, if the current trend in oil prices in the global market continues, a decrease in the prices of petroleum products in other importing countries, including Pakistan, is expected to reduce inflationary pressures and provide relief to the public.

It should be noted that Pakistan largely depends on imported oil for its energy needs, so the decrease in prices in the global market is being considered a positive development for the country’s economy.