News Desk
WASHINGTON: Global crude oil prices climbed by more than $2 per barrel in the latest trading session, reversing losses recorded a day earlier as a decline in US crude inventories renewed concerns over tightening supply.
According to a Reuters report, oil prices had eased in the previous session following a temporary reduction in tensions between Washington and Tehran. However, the market rebounded after fresh data showed a drawdown in US crude stockpiles, supporting expectations of stronger demand and tighter global supplies.
Brent crude futures rose by $2.71, or 3.2%, to $86.80 per barrel, while US West Texas Intermediate (WTI) crude gained $2.26, or 3.4%, to trade at $81.95 per barrel.
Analysts said the fall in US crude inventories strengthened market sentiment, outweighing the earlier decline linked to easing geopolitical tensions. Investors continue to closely monitor developments in the Middle East and global supply-demand trends, both of which remain key drivers of international oil prices.
Fluctuations in global crude prices are closely watched by energy markets, as sustained increases could influence fuel prices, inflation and transportation costs in oil-importing countries, including Pakistan.
#OilPrices #BrentCrude #WTI #GlobalMarkets #CrudeOil #Energy #Reuters #Pakistan #Economy #BreakingNews
