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Crude Oil Price Update: In the coming days, you can get a big relief from the expensive petrol diesel prices because there has been a huge fall in the prices of crude oil in the international market. Crude oil prices have slipped below the 15-month low of $75 per barrel. The price of Brent Crude has fallen to the level of 73.69 below $ 74 per. So the price of WTI Crude has reached below $70 per barrel to $67.61 per barrel.
Crude oil dropped due to global crisis
There has been a big fall in the prices of crude oil in the international market, so the price of Indian basket crude has also slipped below $79 per barrel. Now the question arises that why there has been such a big drop in the prices. So if we look at these reasons, the first reason is the banking crisis in America. The sentiment has deteriorated due to the crisis at Silicon Valley Bank and Signature Bank. So the crisis has deepened on Switzerland’s leading international financial institution Credit Suisse. Due to which a fall is being seen in the prices of all commodities and crude oil has also become its victim. The major trade of crude oil is done through Switzerland only.
Apart from this, due to China, the prices of crude oil have also come down. It was believed that after the relaxation of Corona restrictions, the economy would come back on track there and the demand would increase in China, but in reality this does not seem to be happening. Due to which there has been a big fall in the prices of crude oil. However, the news of fall in crude prices has brought relief to India. India imports 80 percent of its crude oil consumption. Now other refining companies including government oil companies will be able to import crude oil cheaply.
Petrol-diesel prices will decrease!
Due to the fall in the prices of crude oil, imports will be cheaper, due to which there is a possibility of a fall in the prices of other petroleum products including petrol diesel. IIFL Securities Vice President Research Anuj Gupta said that the price of crude oil has come down to a 15-month low of $ 73 per barrel. We feel that there is a possibility of reduction in the prices of petrol diesel. This will also help in controlling inflation.
Due to the Russia-Ukraine war, the prices had increased
In fact, after the start of Russia-Ukraine war in February 2022, there was a sharp jump in the prices of crude oil. Crude oil had reached a level of $ 140 per barrel, which is the highest price since 2008. But after that there has been a big fall in the price of crude oil. At the same time, India has bought crude oil cheaply from Russia during this period.
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