International oil prices faced a notable decline at the week’s start,grappling with uncertainty in demand due to diminishing consumption in topoil consumers—the United States and China.
The impact of these falling oil prices on petrol costs in Pakistan remainsuncertain, pending the government’s announcement of new petrol prices thisweek.
As of now, Brent crude is trading at $80.52 per barrel, reflecting a 1.1%decrease for the day. Concurrently, West Texas Intermediate crude (WTI) isat $76.43 per barrel, down by 1.12% on the day.
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It’s worth noting that both benchmarks experienced a more than 4% plungelast week, marking their third consecutive weekly loss. This trend islinked to concerns about demand surpassing the supply disruptions caused bythe Israel-Hamas conflict.