In the international market, the price of Brent crude oil may fall by more than $ 5, the effect of which can be seen in India and the price of petrol and diesel may fall by Rs. 5 in the country.
Good news can be found on petrol prices
Petrol And Diesel Price: Crude oil prices in the international market in the last 10 months (Crude Oil Price in International Market) There has been a significant decline in where the price of brent crude oil (Brent Crude Oil Price) There has been a decrease of more than 35 percent and the prices of WTI (WTI Crude Oil Price) There has been a decrease of more than 38 percent. If experts are to be believed, the kind of environment being seen regarding crude oil, the prices of Brent and WTI may fall by $5 in the coming days. If this happens, Brent crude will come down to $82 and the prices of petrol and diesel in India will increase. (Petrol And Diesel Price) The chances of a fall will increase. According to an estimate, a drop of Rs 5 can be seen in the price of petrol and diesel.
Crude oil became cheaper in 10 months
Talking about the last 10 months, a decline of more than 35 percent has been seen in the price of crude oil. On March 7, the price of Brent crude oil reached a high of $ 139.13 per barrel. Which is trading at $ 87.81 per barrel in the trading session today. During this, a fall of $ 37 per barrel has been seen in the price of Brent crude oil. While the price of WTI was at a high of $ 130.50 per barrel on March 7, which has come down to $ 80.41 per barrel. During this, WTI has declined by more than 38 percent.
how low can the price be
Anuj Gupta, Vice President (Commodity & Currency), IIFL Giving information, he said that in the coming days, there may be a further decline in the price of crude oil. This decline can be more than $ 5 per barrel. For which he has given 4 reasons.
1. The world’s big companies think about liquidating their old hedge funds during the year end. Due to which the demand from oil decreases.
2. There can be an increase in stocks and shells in America. Due to which the supply has also increased more than the demand, due to which the prices are expected to fall in the coming days.
3. Kovid is once again spreading its wings in China, due to which lockdown has to be imposed again and again. All the economies of the world are also afraid that a new wave of Kovid may come. Due to which the demand is continuously decreasing.
4. Recently UK Prime Minister Rishi Sunak had said that now he will increase drilling for crude oil in his own country. Seeing this, other countries of Europe have also increased drilling, due to which the chances of increase in production have increased.
What will be the effect in India?
India imports 85 percent of its crude oil requirement. The effect of reduction in the price of crude oil in the international market is clearly visible in India. Giving information, Anuj Gupta said that in the coming two weeks, if the price of Brent crude oil comes to $ 82 per barrel, then the price of petrol and diesel in the country may fall by Rs 5 per liter.