Crude oil prices have recorded a significant decline in the global market, while on the other hand, along with Asian stock markets, the Pakistan Stock Exchange also saw a strong rally.
According to foreign media reports, the price of Brent crude oil fell by about $5 to $97 per barrel. Similarly, West Texas Intermediate (WTI) crude oil was sold at $91 per barrel.
Reports have said that the price of Merbin crude oil also saw a decline of about 6.5 percent, after which its price reached $95 per barrel.
According to experts, the decline in global crude oil prices may provide relief to energy-importing countries, while global inflationary pressures are also expected to decrease.
On the other hand, a positive trend was seen in Asian stock markets, while investor confidence in the Pakistan Stock Exchange further strengthened.
The Pakistan Stock Exchange’s benchmark Hundred Index closed at 171,725 points after a significant increase of 3,881 points.
Market experts say that the buying trend in shares of banking, fertilizer and large companies played an important role in pushing the market up.
According to analysts, the decline in global oil prices is being considered a positive signal for countries like Pakistan that rely on imported fuel, which may reduce inflation and pressure on import bills in the future.