Why Are Global Oil Prices Falling? | Syed Rashid Hussain | Dawn News English
Oil prices briefly reached one-year highs on Thursday but later dropped due to profit-taking, leading investors to return to stocks after several days of losses driven by concerns about inflation.
Fears that elevated energy costs would maintain high interest rates in Europe and the US had caused a significant decline in stocks in September, dashing hopes of central banks implementing monetary easing measures.
Specifically, Brent crude touched $97.69 per barrel, the highest level since November of the previous year, but ultimately closed at $93.89, down by 0.5%. New York's primary contract, West Texas Intermediate, also hit a peak of $95.03 since August 2022 before settling at $93.02, with a 0.7% decrease.
In this edition of MoneyCurve, energy expert Syed Rashid Hussain delves into the reasons behind the oil price fluctuations and discusses the impact of declining oil prices on fuel rates in Pakistan.
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