Lahore – There has been a significant drop in the global energy market, where a sudden drop in crude oil prices has created a new trend in the market.
According to reports, British standard crude oil, Brent crude oil, has fallen by about 4 per cent to $110 per barrel. Similarly, US crude oil West Texas Intermediate (WTI) is also trading at $102 per barrel after a 4 per cent decline.
Meanwhile, the price of Murban crude under Abu Dhabi National Oil Company in the Gulf region has also fallen to $105 per barrel after a 2 per cent decline.
According to energy experts, global gas prices have also fallen by about 4 per cent, which is showing a decrease in overall pressure in the energy market.
Analysts say that this decline in oil prices may be the result of changes in global demand and supply, increased supply in the market and geopolitical factors. However, the price trend in the coming days will depend on the global economic situation and OPEC policies.
