Business
Price of crude oil surges by 5% in global market
The price of Brent crude oil reached 88.65 dollars per barrel.
Moscow: Due to the Israeli-Palestinian war, crude oil prices have increased by 5% in the global market.
According to the international media, after a continuous decrease, the price of West Texas Intermediate (WTI) increased in the market today reaching 88.39 dollars per barrel, while the price of Brent crude oil reached 88.65 dollars per barrel.
It is pertinent to note that during the last two weeks, crude oil prices in the international market continued to decline by more than 5.5%. According to experts, the decrease in the price of crude oil is due to the slowdown in the global economy and fears of low demand. On the other hand, Organization of the Petroleum Exporting Countries (OPEC) is unlikely to further cut oil production.
Notably earlier, the opinion was being expressed by the experts that if this trend continues in the global market, there may be a clear reduction in the price per liter in Pakistan. However, the matter has become more complicated with the latest developments.