Global oil prices remained under pressure during November, falling below $75 a barrel in mid-November due to concerns about slow global economic growth, especially in China, strong non-Opec oil supply.
As per Arab media reports, WTI was trading at $76.5 a barrel on November 29, down by nearly seven per cent as compared to October 29. While Brent is down by 5.4 per cent in the past month, trading at $86.35 a barrel on November 29.
The global oil prices recovered two per cent on Tuesday on the possibility of Opec+ extending or deepening supply cuts.
The Arab media report claimed keeping in mind the trend in global oil prices in November, local retail rates could be revised down for the second consecutive month. However, a final decision will be announced Wednesday in the United Arab Emirates (UAE).