According to the report, during trading activities in the global market on Friday, the price of Brent crude futures increased by $1.21 (1.8%) to close at $66.84 per barrel, while US West Texas Intermediate contracts increased by $1.31 (2.1%) to settle at $63.96 per barrel.

On Tuesday, the price of Brent crude fell to its lowest level since June 5, while the price of West Texas Intermediate fell to its lowest level since June 2.

According to the US Energy Information Administration and the International Energy Agency, one reason for the recent recovery in prices is a decrease in reserves and supply.

Also Read: Petrol prices likely to rise from August 16

In addition, the prospect of the US Federal Reserve cutting interest rates in September after a slight increase in inflation in July has also supported crude oil prices.

On the other hand, there is a possibility of a slight increase in the price of petrol and a major reduction in the price of diesel in Pakistan from August 16. The petroleum industry has completed its work on the prices of petroleum products.

According to sources, the petroleum industry has recommended reducing the price of diesel by Rs11.75 per liter. From August 16, the price is likely to decrease from Rs285.83 to Rs274.8 per liter.

It is proposed to increase the price of petrol by 1 rupee and 30 paise to Rs265.93 per liter, while the current price of petrol per liter is Rs264.61.