The slide in global crude oil prices on Monday gave hope for a similar fall in domestic petroleum prices.
The fall in oil prices comes after a blockage at strategic Suez Canal spooked global Impex industry, while a massive wave of Covid-19 infections continued to impact large parts of Europe.
Resultantly, global fears have resurfaced on the slowdown economic recovery due to this wave.
At present, crude prices are reacting to the negative news flows.
The Brent crude futures slipped to $63 levels a barrel on Monday.
Similarly, the US crude traded lower.
The WTI crude oil traded lower by 1.05 per cent at $59.92, while Brent is down by 0.78 per cent at $63.65 levels.
