NEW YORK: Oil has fallen below $50 that is lowest level in nearly six years. The sharp drop in oil prices has had far-reaching implications for markets and major economies.
A key oil contract, Brent North Sea crude, dipped below the psychological $50 (42.28 euros) mark for the first time since May 2009, dragged down by a supply glut and unease over the economies of Greece and the eurozone on the whole.
It fell more than a dollar to $49.92 in early trading, before rebounding back above $51. Brent had fallen as much as 2.8 percent, but was last up 0.3 percent on the day. Another main oil sort, West Texas Intermediate, also slid 73 cents to $47.20.
Oversupply by the world’s major producers in the face of sluggish demand has plunged the price of oil to levels not seen in nearly six years. And the effects of this drop are far-reaching.
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