Brent crude prices declined to levels that were in Russia and Ukraine before the crisis. Crude oil has come down about 10 percent this week.
Petrol and diesel may soon get relief
Gradually, the possibilities of cutting petrol and diesel prices have started increasing. In fact, crude oil prices are coming down rapidly. the situation is crude This week it has reached the position of closing with a loss of 10 percent. Just yesterday, the UK central bank has predicted a recession in the country by the end of the year. At the same time, industrial activities in China are also slowing down. This is expected to affect the demand for crude oil. At the same time, this fear has also been strengthened by rising oil stocks in America, which has led to a fall in prices.
where did crude oil reach
Today, there has been a slight increase in crude oil. However, even after this, Brent crude remains below $ 95 per barrel. So far, Brent has been in the range of 93.6 to 94.57 level in the business. Brent crude had seen levels below $95 before the start of the Russia-Ukraine crisis. On the other hand, WTI crude has come down below the level of $ 90 per barrel. According to the market, the market is currently struggling with a decrease in demand. Central banks around the world are increasing rates continuously, due to which the pace of economic growth has started slowing down. There has been an unexpected rise in oil stocks in the US this week, indicating that there is a steady decrease in demand.
What will be the effect in India
The first effect of the fall in crude prices will be in the form of reduction in losses for oil companies. Oil companies are still incurring high losses on every liter of petrol and diesel sold. If crude oil remains below these levels, then it is possible that companies will come out of losses and pass the benefit of this fall in crude to the common people. Market experts have already given estimates that in the current conditions, there is a possibility of a cut of Rs 3-5 in oil.