MUSCAT : Global oil prices fell on March 3 as investors reacted to a weakening outlook for demand in major countries such as the United States and China.
Brent crude oil futures fell on concerns that overall fuel consumption could slow in the coming months due to a slowdown in industrial activity and cautious consumer spending.
Market analysts said that although supply remained relatively stable, weak economic indicators were shifting focus to demand-side risks.
Read More
- Lulu announces first six winners of Dream Drive 2026 promotion
- Oil prices rise 20% as conflict worsens supply problems
- IMF warns of inflationary risks as oil prices surge amid Middle East conflict
- Indian rupee remains weak against Omani rial, could cross 240 if pressure persists
- Invest Oman hosts Diplomatic Ramadan Suhoor to strengthen investment cooperation
In India, energy and oil marketing stocks performed mixedly as global oil prices fell. Although lower oil prices may ease input costs for refiners and reduce inflationary pressures, uncertainty around global economic growth continues to weigh on investor confidence.
Experts suggest that the oil market is likely to remain volatile in the short term and are closely monitoring macroeconomic data and geopolitical developments that could impact supply and demand dynamics.
For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.
