Muhammad Ali 


Crude Oil Prices: A Snapshot on February 29, 2024.

“Crude Awakening: How Rising Oil Price


s Impact Pakistan’s Economy”

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Crude Oil's Price in Open Market Increases. Did It Affect on Pakistan.

Introduction:

Crude oil prices play a pivotal role in the global economy, impacting everything from transportation costs to inflation rates. As of February 29, 2024, let’s take a closer look at the prevailing oil prices and the factors influencing them.

Key Benchmarks

Three key benchmarks are commonly used to track crude oil prices:

  1. Brent Crude Oil: Brent crude oil is a major benchmark for oil prices worldwide. On February 26, 2024, the Brent crude oil price stood at $81.72 per barrel.

  2. WTI (West Texas Intermediate) Crude Oil: WTI crude oil is primarily traded in the United States. On the same date, the WTI oil price was $77.58 per barrel.

  3. OPEC Basket: The OPEC basket represents a weighted average of oil prices from various OPEC (Organization of the Petroleum Exporting Countries) members. As of February 26, 2024, the OPEC basket price was $80.83 per barrel.

Recent Trends

  • In March 2022, oil prices surged due to the Russia-Ukraine conflict.
  • The increase observed in February 2024 reflects concerns over an escalating Middle East conflict.

Determinants of Crude Oil Prices

  1. Supply and Demand: Like most commodities, crude oil prices are influenced by supply and demand dynamics.
  2. Market Speculation: Oil futures contracts contribute significantly to price determination, as traders speculate on future production and demand.
  3. Geopolitical Factors: Conflicts, sanctions, and political instability in oil-producing regions impact prices.
  4. Storage and Inventories: Excess oil storage can lead to price fluctuations.

Conclusion

As the global energy landscape evolves, monitoring crude oil prices remains crucial for investors, policymakers, and consumers alike. The interplay of geopolitical events, supply-demand balance, and market sentiment will continue to shape oil prices in the coming months.

Sources:

  1. Statista: Weekly oil prices
  2. Business Insider: Oil Price Chart
  3. Trading Economics: Crude Oil Historical Data

Remember that these prices are subject to change based on global events and market dynamics. Stay informed and keep an eye on the latest developments in the oil industry. 🛢️💡


Price In Pakistan:

As of February 29, 2024, here are the current fuel prices in Pakistan:

  • Petrol (Gasoline): 275.62 PKR per liter.
  • Diesel: 287.33 PKR per liter.
  • Kerosene Oil: 186.62 PKR per liter.

These prices are subject to change based on global market dynamics and other factors. It’s essential to stay informed about any fluctuations in oil prices. 🛢️💰

References:

  1. Petroleum Prices in Pakistan
  2. Expected petrol, diesel prices in Pakistan for Feb 2024
  3. What will be Expected fuel prices in Pakistan for Feb 2024?
  4. Latest Petrol Prices In Pakistan February 2024
  5. Fuel prices likely to rise by up to Rs4 per liter.