Descend: Crude oil prices fall: Will petrol and diesel price hikes be postponed?
crude oil price: The price of crude oil in the international market has been falling steadily since last week. In today's trade, the barrel has fallen to $ 4 a barrel.
The price of crude oil in the international market has been steadily declining since last week. In today's trade, the barrel has fallen to $ 4 a barrel.
increase in price
Following this, the United Arab Emirates government proposed to increase production to meet the demand for crude oil. The Organization of the Petroleum Exporting Countries (OPEC) has also announced that it will increase its daily production from 4 lakh barrels to 8 lakh barrels.
Landing price
As a result, crude oil prices fell sharply in the last days of last week. Crude oil prices fell to an average of $ 4 a barrel today, the opening day of the week.
Continues to decline
Brent crude fell from $ 4.12 to $ 108.55 a barrel. West texas crude fell $ 3.93 a barrel to $ 105.40. Crude oil prices have risen 40% in both markets since the 24th of last month.
In an interview yesterday, US Secretary of State Wendy Sherman said, "Russia's actions show that russia is ready to negotiate, even if it intends to destroy Ukraine."
Thus, in the coming days, there are signs that the talks between ukraine and russia will go smoothly.
Last week
Brent crude fell 4.8 percent and West texas oil fell 5.7 percent last week. Crude oil prices have peaked in the last week since 2008. As the united states banned crude oil imports from russia, prices soared as investors began to buy more in the market out of fear.
Crude oil and gas were supplied mainly from russia to europe and the United States. russia exports 70 million barrels of crude oil daily, with russia accounting for 7% of world supplies.
Will the price hike be postponed
With crude oil prices gradually falling in the international market, there is an expectation that the rise in petrol and diesel prices in india will be postponed. oil companies set prices based on a 2-week average of crude oil prices in the international weekly market. Market experts say petrol and diesel price hikes are likely to be postponed if crude oil prices continue to fall this week.
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