NEW YORK: The prices of Brent crude oil prices remained steady around $49 a barrel after the International Monetary Fund (IMF) cut its forecast for global economic growth in 2015 implying lower demand for fuel.
Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the IMF said in its latest World Economic Outlook report, reducing its forecast by 0.3 percentage points for both years.
“New factors supporting growth – lower oil prices, but also depreciation of euro and yen – are more than offset by persistent negative forces,” said Olivier Blanchard, the IMF’s chief economist.
Fuel relief deal reached with petroleum dealers
ISLAMABAD: The government and petroleum dealers have reached an agreement on the fuel relief package following successful negotiations, with dealers...
