ISLAMABAD (Kashmir English): A decline in crude oil prices has been recorded in the global market; consequently, the price of US crude—West Texas Intermediate (WTI)—has dropped to near $90 per barrel, while Brent crude remains above $103 per barrel.
According to the foreign news outlet *The Morning*, a key factor behind this drop in global crude prices is an agreement between Russia and Ukraine to halt attacks on energy infrastructure, raising expectations of increased oil supplies.
At the start of the trading week, the price of Brent crude futures fell by $1.54 (1.47%) to $103.18 per barrel, while US crude (WTI) also dropped by $1.54 (1.68%) to $90.31 per barrel.
Experts suggest that increased Russian oil supplies could alleviate price pressure in the global market; however, future price trends will depend on a reduction in attacks on energy infrastructure and the overall global supply situation.
According to US President Donald Trump, Ukraine and Russia have agreed to stop attacking each other’s energy infrastructure following a US diesel supply agreement, sparking expectations of increased Russian oil supplies.
According to the International Energy Agency, global daily diesel consumption stands at approximately 29 million barrels, making additional supplies crucial for the global energy market. Meanwhile, the ongoing conflict in the Middle East is also impacting global oil prices, causing the price of Brent crude to remain above $100 per barrel.
