Crude oil can again reach the level of $ 138.
Crude oil has again reached the level of $ 123 in the international market. Commodity market experts say that if OPEC countries do not decide to increase production, then it can reach $130 in the next 15 days.
Kabar again Crude oil ,Crude oil price) and it is not good for India, as we import 85 per cent of our oil requirement. Due to costlier crude oil, inflation will strengthen which is already at record level. The rupee is at its all-time low in dollar terms, due to which the import bill goes up, resulting in widening of the trade deficit and it slows down the pace of economic recovery. Today, crude oil again crossed the level of $ 120 in the international market. According to oil price.com, at 12.15 pm, crude oil was trading at $ 123.8 per barrel and WTI crude was trading at $ 119.2 per barrel. If this rise in crude oil continues, then it will also affect the price of petrol and diesel.
Kedia Commodity (Kedia Commodity) director Ajay Kedia said that today and tomorrow two important events are going to happen which will have a direct impact on the price of crude oil. Due to the attack on Ukraine, the European Union Council has decided to ban crude oil imports from Russia. With this decision, 75 percent of Russian oil imports will be banned. By the end of this year, 90% of Russian oil imports by the European Union are likely to be banned. An important meeting of OPEC countries is going to be held on Thursday. In this meeting, the idea of increasing production can be considered. The decision to speed up production was not taken since the last three meetings. There is little chance that again OPEC members will decide to increase production.
Tonight #EUCO agreed a sixth package of sanctions.
It will allow a ban on oil imports from #Russia,
The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned. pic.twitter.com/uVoVI519v8
— Charles Michel (@eucopresident) May 30, 2022
Will keep an eye on OPEC countries’ decision regarding production
Corona-related restrictions are being relaxed to a great extent in China from June 1. Thus the demand will increase. The rise in demand and the EU’s decision to ban Russian oil exports will boost the price. According to Ajay Kedia, once again crude oil can reach $ 138. By the way, India is importing cheap crude oil from Russia. He is getting the benefit of this. However, the pressure to increase the price of petrol and diesel will increase when the price crosses $130. Until the Ukraine crisis is over, Russia’s oil export ban decisions are not withdrawn, OPEC countries do not decide to increase production and America decides not to extract more oil from its reserves, crude oil in the international market The momentum will continue.
Crude oil may reach $130
IIFL Securities (IIFL Securities) Vice President Anuj Gupta said that the summer drive season is starting in America. Due to the boom in travel activity, fuel demand is currently highest in America. Due to this, the price of crude oil is increasing in the international market. Crude oil can reach $130 in the next 15 days. If the price of crude oil reaches beyond $130, then the pressure on the price of petrol and diesel in India will increase.
Crude oil expected to remain bullish
After reaching the highest level in 20 years, the pressure on the dollar index has increased. Due to the weakening of the dollar, it has become cheaper to buy crude, but it increases demand. As the demand increases, the price of crude oil will increase further. Overall, the bullish trend in crude oil is expected to continue for now.