Washington: There has been a big drop in the prices of crude oil 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 organization, the prices of Brent oil in the international market fell to a low level. Crude oil price is $84.06 per barrel while WTI crude oil is selling at $76.71 per barrel in the US market.
It should be noted that crude oil prices have decreased by 15 percent in the global markets. The gasping world economy and trade that came out of the Corona epidemic got a big blow from the Russia-Ukraine war and the petroleum prices were starting to touch the sky.
However, now the continuous decline in crude oil and gas prices in the global markets is giving the economy and trade an opportunity to recover, 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 crude oil prices is the fear of global recession and other global issues.
It should be remembered that a report published in Bloomberg revealed that the price of crude oil may drop to $65 by the end of this year, while this price will drop to $45 per barrel by the end of next year.
