International oil prices declined by over 3 percent on Wednesday to a seven-month low on demand fears.
Brent crude futures were down 3.6 percent to below $90 a barrel, while the U.S. West Texas Intermediate crude fell almost 4 percent to $83.46 a barrel.
Brent crude futures are currently at their lowest since February 3 while the West Texas Intermediate reached its lowest level since January 24.
The slump in prices is primarily due to demand concerns and weaker Chinese trade data. The stringent Covid restrictions in China have substantially reduced its demand with the country’s oil imports witnessing a decrease of nearly 10 percent in August.
Quoting Credit rating agency Fitch, Reuters said that halting of the Nord Stream 1 pipeline has increased the likelihood of a recession in the eurozone. It is expected that European Central Bank will hike interest rates in its meeting tomorrow (Thursday).
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