Oil prices down amid recession fears, US crude stock growth

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Petro price expected to increase by Rs 7 in Pakistan

Oil prices decreased on Monday influenced by weak economic data from the US amid recession fears and a hefty rise in crude stockpiles.

International benchmark Brent crude traded at $83.92 per barrel at 9.20 a.m. local time (0620GMT), down 1.25% from the closing price of $84.98 a barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $78.63 per barrel at the same time, a 1.47% fall after the previous session closed at $79.8 a barrel.

Oil prices retreated from their highest level in over a month after weak US data fueled recession worries.—AA