Brent crude oil prices

On Monday, oil prices edged higher after output cut but demand worries weigh. It is said to be in response to a global deal on record output cuts amid concerns over whether the pact will head off an oil glut as the coronavirus pandemic hammers demand. But the oil prices are nowhere hear those in the pre-coronavirus days. Pakistan's more than half of its import bill is related to oil and oil products' imports. The situation will certainly cause a positive impact on country's current account which has already witnessed a massive improvement in recent months. In other words, it will ease pressure on country's foreign exchange reserves that are now witnessing the exit of 'hot money' due to uncertainty in global markets.