Global oil prices slide amid hopes of Russia-Ukraine peace deal

ISLAMABAD: A significant decline in crude oil prices was recorded in the global market, the main reason for which is being attributed to news about a possible peace deal between Russia and Ukraine.

This decline in global markets has come at a time when economies around the world are being directly affected by the fluctuations in energy prices.

According to the international news agency, global crude oil prices fell by about 2 percent, with the price of American WTI crude oil falling by 2.16 percent, after which its new rate has become $ 57.87 per barrel. Similarly, the price of British Brent crude oil has also fallen by 2 percent to $ 62.37 per barrel.

According to economists, the main reason for this decline is that Ukraine has shown its agreement in principle to the peace agreement proposed by the United States, while positive progress is also being seen in the ongoing negotiations with Russia.

Global energy experts say that if a peace deal is reached, not only will tensions in the region decrease, but crude oil prices are also likely to fall further.

The drop in prices has generated a positive response in the global energy market, while many countries hope that it will also reduce inflationary pressures.