Pakistan proposes coalition of developing nations for fair trade

ISLAMABAD: Pakistan's Finance Minister Muhammad Aurangzeb has proposed creating a coalition of developing countries. He believes this group could advocate for fair trade and better representation in global financial institutions. Aurangzeb criticized the current global economic system, calling it unequal. NEW YORK/SINGAPORE: Oil prices rose slightly on Wednesday due to concerns about supply. The U.S. is trying to limit oil exports from Venezuela and Iran. A significant drop in U.S. crude inventories also helped support prices. Brent crude futures increased by 0.3 percent to $73.22 a barrel, while U.S. West Texas Intermediate crude rose to $69.20 a barrel. Both types of crude reached their highest prices in three weeks earlier this week. Analysts from Phillip Nova noted that prices have been influenced by U.S. sanctions targeting Venezuelan oil. An executive order signed by former President Trump allows the U.S. to impose tariffs on countries purchasing Venezuelan oil. Trade between Venezuela and its largest buyer, China, has slowed down. Traders in China are waiting to see how new U.S. measures will affect oil purchases. Meanwhile, the U.S. has also increased sanctions on Iranian oil sales. Data from the American Petroleum Institute showed a 4.6 million barrels decline in U.S. crude inventories last week, suggesting strong fuel demand. Analysts expected only a 1 million barrels drop. However, experts caution that the rise in oil prices may be short-lived. Concerns over potential economic slowdowns due to tariffs could limit price increases. Additionally, new agreements involving the U.S., Ukraine, and Russia may provide some stability in the market.