Washington: There has been a big drop in crude oil prices in the global markets, after which there is a possibility of a significant decrease in petroleum products in Pakistan as well.
According to the international news agency, the prices of Brent oil in the international market fell to the lowest level. The price of crude oil is 84.06 dollars per barrel, while the WTI crude oil is selling at 76.71 dollars per barrel in the US market.
Similarly, the price of natural gas in the global market has also reduced significantly to 6.90 MMBTU, which is likely to provide some relief to the consumers and decrease in the prices of essential commodities globally.
It should be noted that the prices of crude oil have decreased by 15 percent in the world markets. The gasping world economy and trade that emerged from the Corona epidemic received a big blow from the Russia-Ukraine war and petroleum prices were starting to touch the sky.
However, now the continuous decline in the prices of crude oil and gas in the global markets is giving an opportunity to the economy and trade, which will have far-reaching consequences on the lives of the common man in the form of a reduction in inflation.
Experts say that the reason for the continuous decline in the prices of crude oil is the fear of global recession and other global issues.
It should be remembered that a report published in Bloomberg also revealed that the price of crude oil may fall to $65 by the end of this year, while this price will drop to $45 per barrel by the end of next year.