Downward trend in oil prices continues in global market

Moscow: The downward trend in oil prices continues in the global market as the price of Brent fell for the fifth session in a row on Tuesday.

According to global media, Brent futures for May fell by 32 cents or 0.4 percent to settle at $82.48 a barrel, while US West Texas Intermediate (WTI) settled down 41 cents or 0.5 percent and settled at $78.33 per barrel.

According to the report, China, the world's largest crude oil importer, also pledged to accelerate the exploration and development of oil and natural gas resources, but also to tighten controls on fossil fuel consumption.

Although concerns over the demand outlook in China pressured prices, supply factors led to lower production by major producers and geopolitical concerns from the Israel-Gaza war supported crude.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC Plus) on Sunday extended its voluntary oil production cut of 2.2 million barrels per day (bpd) into the second quarter to address global growth concerns and the group's prices could be supported amid rising output outside.