New York (NY Today) After gold, oil prices in the global market have also fallen significantly.
Crude oil prices in the international market have fallen by up to four percent, after which an atmosphere of uncertainty persists in the global energy market.
According to business reports, Brent crude oil is being sold at $67 per barrel while American WTI crude oil is being sold at $63 per barrel. According to experts, the major reasons for the recent decline in oil prices include concerns about a global economic slowdown, a decline in oil demand and uncertainty regarding the policies of major producing countries.
Economic analysts say that due to tight fiscal policies to control inflation in the US and Europe, industrial activity is slowing down, which is affecting oil demand. In addition, the slower-than-expected pace of economic recovery in China has also put pressure on global oil demand.
On the other hand, investors are cautious due to the lack of a clear strategy for future production from OPEC+. There is also a fear in the market that if the global economy comes under further pressure, oil prices may fall further.
According to experts, the impact of the decline in oil prices could be twofold on developing countries, where on the one hand, some relief will be provided by a reduction in import bills, while on the other hand, there is a risk of investment in the energy sector being affected.
It should be noted that earlier, a decline was also recorded in gold prices, after which the overall situation of commodities in the global market has become a cause of concern for investors.