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Summary Brent crude slumped to its lowest level in six months, dipping below $100 a barrel.
Brent crude fell as much as $5 to $98.74 a barrel, the lowest intraday price since February 8. It recovered to $103.14 by 7:05 a.m. EDT in volatile trade, but was still nearly $25 off an April peak above $127.US crude fell $1.35 to $79.96 after touching $75.71, its lowest since September 2010. US crudes discount to Brent reached its deepest level ever at $23.76.The decrease in oil price will help to bring inflation down as Pakistan’s oil imports stands about 35 percent of its total import.According to market experts, after cut in US rating Federal Reserve can increase interest rate as 19 percent of Pakistan export goes to US. JS Research says that US will not stop US aid but it will delay it.
