LAHORE: A significant decline in crude oil prices has been recorded in the global market, after which major relief is expected in energy markets around the world.
According to international reports, the price of Brent crude oil has fallen by 10.67 percent, after which its new price has reached $ 98.57 per barrel.
Similarly, American West Texas Intermediate (WTI) crude oil has also fallen by 11.41 percent 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 percent to $ 2.73 per MMBTU.
According to economic analysts, if the current trend in oil prices in the global market continues, there is a possibility of a decrease in the prices of petroleum products in other importing countries, including Pakistan, which is expected to reduce inflationary pressures and provide relief to the public.
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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.
