Crude oil prices experienced a further decline on Thursday as expectations grew for a ceasefire agreement between Israel and Hamas.
Moreover, brent crude for September fell by 0.8%, or 63 cents, to $81.08 per barrel, while American West Texas Intermediate saw a similar decrease, bringing its price to $76.96 per barrel.
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In addition, efforts towards a ceasefire, mediated by Egypt and Qatar and supported by U.S. President Joe Biden, have intensified over the past month. Should negotiations make headway, further declines in crude oil prices are anticipated.
Furthermore, the reduction in global oil prices could provide relief for Pakistan, with potential decreases in petroleum product prices contingent on continued global price drops.
