Amid fears of recession, the price of crude oil fell below $ 100, further decline will be recorded

Big fall in Brent Crude’s price (Indicative Image-PTI)

In a report, City Analyst has estimated that by the end of this year, the price of Brent crude can go up to $ 65 per barrel. That is, if the economy continues to move like this, then the price of Brent crude can fall to $ 65.

Brent crude (crude oil) prices have been recorded at $100 per dollar amid fears of recession. in the world recession ,Recession) has resulted in a drastic reduction in demand. Due to this, the prices of crude oil have remained at a lower level than before. Some reports said that in view of the Russo-Ukraine war and global conditions, a big increase in the price of crude oil could be seen. But its chances seem dim. In the next one year, many major economic superpowers and developing countries of the world may be in the grip of recession. Crude oil (Crude Oil) is seeing a decrease in demand. Due to fall in demand, the price of crude oil per barrel has gone below $100. The news agency AFP has given this information.

AFP has said in a report, on Wednesday, the prices of crude oil in the world were seen at a low level. The reason for the fall in prices is the fear of recession, due to which there is a decrease in demand. The price of Brent crude has gone below $100 per barrel. Europe’s benchmark crude contract, Brent North Sea, saw a decline of 3.3 percent. Its rates have reached up to $ 99.39. Similarly, the US benchmark WTI also saw a decline of 3.3% and the latest rate reached $ 96.12. Recently, a decrease of about 5 percent has been seen in all these benchmarks.

Because of this, the rates fell

Globally, such a fall in the price of crude oil was seen on Wednesday after 25 April. The main reason for this is said to be recession. Reports suggest that countries like US, Japan, UK, South Korea and Germany will be hit by recession in the next one year. There is a decrease in demand due to inflation all over the world and its effect is also visible on business and industrial businesses. Amidst the fear of recession, the demand for oil has reduced sharply, due to which the consumption of crude oil is seeing a decline. Demand has also decreased due to the fall in consumption and due to this, the rate of crude oil is getting reduced.

What do experts have to say

Earlier on Tuesday also the prices of crude oil had fallen. It was said that there is a possibility of stagnation in the global economy, due to which the demand for petrochemicals is already decreasing. In a report, City Analyst has estimated that by the end of this year, the price of Brent crude can go up to $ 65 per barrel. If the economy continues like this, then the price of Brent crude can fall to $ 65. Goldman Sachs said on Wednesday that the risk of recession is responsible for the reduction in oil prices.

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One reason for the fall in oil prices Dollar Has strength as well. The dollar is at a 20-year high right now. Look against the Euro or against the rupee, the dollar continues to make new highs while the currency of other countries continues to fall. Due to the strengthening of the dollar, the price of oil seems to be coming down.