Oil prices fall over 3%
OMCs set up infrastructure facilities like oil storages with capacity of 0.58 million tons for petrol and 0.88 million tons for high-speed diesel at various depots by the end of FY21. photo: file
Oil prices fell by over 3% in volatile trade on Tuesday on fears of higher US supply amid an economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $2.37, or 3.6%, to $89.25 a barrel by 1629 GMT. US West Texas Intermediate (WTI) crude futures were down $3.12, or 3.7%, at $82.34, having risen by over $1 earlier in the session. China, the world’s top crude oil importer, indefinitely delayed release of economic indicators originally scheduled to be published on Tuesday, indicating to the market that fuel demand is significantly depressed in the region.
Published in The Express Tribune, October 19th, 2022.
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