Lahore: Crude oil prices recorded a decline in the global market, partially reversing the increase in the previous trading session. Investors are focused on the prospects for global oil supply and Russian diesel exports.
Brent crude oil prices fell by 61 cents, or 0.57 percent, to $106.04 per barrel. US West Texas Intermediate (WTI) also fell by 47 cents, or 0.5 percent, to $93.27 per barrel.
In the previous trading session, Brent prices rose to $106.65 per barrel, which was its highest level since September 15.
Supply concerns are key behind the recent volatility in oil prices. The possibility of supply disruptions due to attacks in Saudi Arabia created uncertainty in the market, while expectations of increased Russian diesel exports put pressure on prices.
Changes in global prices matter for oil-importing countries like Pakistan. If the decline persists, it could help limit import costs. However, the immediate decline in local petrol and diesel prices will depend on the continuation of global prices, exchange rates, taxes and government pricing.
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