U.S. West Texas Intermediate crude futures were down $1.61 at $66.74 a barrel. Photo: File
Lahore: Crude oil prices in the global market fell to $48 per barrel, which is the lowest level of oil prices in 15 months.
According to the World News Agency, crude oil prices in the world market fell to a 15-month low after Saudi Arabia indicated that it would not freeze oil production.
Yesterday, British Brent crude fell $1.73 to $72.97, while American West Texas Intermediate fell $1.61 to $66.74 a barrel.
Global crude oil prices are on the decline, with Brent crude trading at $48 a barrel after a 73-cent drop.
The fall in global market prices will also have an impact on the local markets due to which oil prices may fall by five to seven rupees.
It should be noted that due to the Russia-Ukraine war, an increase in crude oil and gas prices was seen around the world, but now the global market is moving towards stability.