Islamabad: Crude oil prices have once again taken a bullish turn in the global energy market. During the latest trading session, both Brent and US West Texas Intermediate (WTI) prices recorded an increase of more than $2 per barrel, mainly due to the expected decrease in crude oil reserves in the US.
According to international media reports, oil prices had fallen on the previous trading day after a temporary easing of tensions between Washington and Tehran. However, with the start of new trading activities, investors increased their purchases again due to supply concerns, which pushed prices up.
According to the latest market data, the price of Brent crude oil futures contracts rose by $2.71, or 3.2 percent, to $86.80 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude oil was trading at $81.95 per barrel, up by $2.26, or 3.4 percent.
Energy experts say that the volatility of crude oil prices is directly affected by the global supply situation, geopolitical developments and policies of major producing countries. According to them, more data on US reserves in the next few days and international diplomatic developments can play an important role in determining the direction of global oil prices.
For oil-importing countries like Pakistan, the continuous increase in crude oil prices in the global market can cause pressure on import costs, energy costs and future fuel prices. However, local prices are determined according to government policy and decisions of relevant institutions.
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