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.
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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.
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