Crude oil prices witnessed another drop in the international market on Tuesday, with both US and Brent benchmarks recording losses of more than 2.5%.
According to market data, US West Texas Intermediate (WTI) crude fell by 2.52% to settle at $80.27 per barrel. At the same time, Brent crude oil dropped by 2.62% to reach $86.26 per barrel. Reasons behind the decline: The latest fall is attributed to concerns over slowing global demand and expectations of increased supply from major oil-producing countries.
Traders are also closely watching inventory data and economic indicators from the US and China, the world’s two largest oil consumers. The decrease in global crude prices is expected to have a direct impact on Pakistan’s import bill.
As an oil-importing country, lower international rates can help reduce the cost of petroleum products, ease pressure on the trade deficit, and provide some relief to consumers if passed on domestically. However, experts note that the final impact will depend on exchange rate movements, taxes, and government pricing policy.
Analysts say that while prices have eased in recent sessions, volatility remains due to geopolitical tensions, OPEC+ production decisions, and uncertainty over global economic growth. Further direction will depend on demand recovery and supply adjustments in the coming weeks.
