WASHINGTON: Oil prices rose for the second consecutive day on concerns about possible disruptions to Iranian oil production and supply disruptions from Venezuela.
According to international media reports, Brent crude oil prices rose by 59 cents, reaching $62.58 per barrel. Similarly, West Texas Intermediate crude oil rose by 54 cents to $58.30 per barrel.
Meanwhile, the United States has announced that it will keep Venezuelan oil under control indefinitely. US Secretary of State Marco Rubio briefed on the details of the oil deal reached with the interim authorities in Caracas.
According to Marco Rubio, 30 to 50 million barrels of oil will be obtained from Venezuela, which will later be sold at market rates.
The government of Pakistan has announced new petrol rates for the next fortnight here on Wednesday.
The petrol rates will come into effect from tonight, i-e, January, 2026.
According to the notification, the petrol prices have been slashed by Rs 10, making the new petrol price 253.17.
The Petroleum Division, in this regard, issued a notification for the implementation of these changes, starting from midnight tonight, while the new prices would remain effective for the next 15 days.
Citizens are of the view that it will provide relief to their financial burden as pertaining to daily needs.
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