Karachi: Crude oil prices fell on Monday in the global market, which partially reduced the rise last week. However, prices are still at high levels due to Houthi attacks in Saudi Arabia and concerns about the impact on global energy supplies.
In early trade, US West Texas Intermediate (WTI) crude oil was trading at $101.67 a barrel after falling $1.60, or 1.55 percent, while British Brent crude oil was trading at $115.16 a barrel, down $1.56, or 1.34 percent.
Prices fell further in the afternoon, reflecting the ongoing volatility in the global energy market.
Oil prices were supported by concerns about potential disruptions to energy supplies following Houthi attacks in Saudi Arabia last week. Both major global crude oil benchmarks closed higher by about $3 on Friday.
Brent crude oil rose 6 percent on a weekly basis, while US crude oil rose about 2.3 percent. The gains took both prices to near six-month highs.
On the other hand, tensions in the region remained high over the weekend. The Houthis claimed to have targeted an airport and oil facilities in Saudi Arabia, while Saudi authorities reported intercepting more missiles and drones.
Future crude oil prices in the global market will depend on the security situation in the region, potential disruptions to oil production and transportation. Despite the recent decline, supply concerns remain, so further price volatility is likely.
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