Downward trend in crude oil prices in Asian markets

KARACHI: Crude oil prices crashing down in Asian markets as price charts indicating five percent cut in oil rates within two days.

Crude oil prices facing downward trend in the world market as Brent oil price went down by two percent to 57.66 dollars per barrel.

US crude oil price registered 1.4 pct decrease to plunge to 54.47 dollars.

The downward trend is due to apprehensions about recession in international economy, experts opined.

Moreover, decreasing crude demand also exerting pressure on the oil price.

Asian Development Bank (ADB) had earlier lowered the inflation forecast due to decreasing crude oil and food prices.

The ADB in its Asian Development Outlook had revised down South Asia’s inflation forecast for 2019, from 4.7 per cent to 4.5 per cent.