Tuesday, November 29, 2022

Crude Oil Price Falls Below 80 Dollar Per Barrel Petrol Diesel Price Cut…

Crude Price Latest Update: In this festive season, you can get a big relief from expensive petrol and diesel. In the international market, crude oil (Crude Oil 2022) has reached below $ 80 per barrel for the first time. This is the biggest fall in crude oil prices since January 2022. The price of West Texas Intermediate (WTI) crude oil has fallen near $ 78 per barrel. And is currently trading at $ 78.66 per barrel. There is also a big fall in the prices of Brent crude oil. The price of Brent Crude Oil is trading around $85 per barrel. Which is the lowest level since January 24, 2022. India buys crude oil from different international markets and it has become cheaper to buy crude oil for India too. Indian basket price has reached close to $ 90 per barrel.

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Prices may come down
The shadow of recession is looming over the US economy. In view of the high inflation, the Central Bank of the Federal Reserve is continuously making loans expensive to reduce the purchasing power of the people and this process is going to continue. Due to which investors around the world are selling. In such a situation, there is a possibility of a fall in the prices of all commodities including crude oil. This fall in crude oil prices has been due to the strengthening of the dollar and reduction in global demand. This fall in crude oil prices has been seen due to the slowdown in America, Europe and the possibility of falling demand in China. It is believed that this trend of fall in crude oil prices may continue even further. This fall in crude oil prices can give a big relief to India, which imports 80 percent of its total consumption of crude oil. If the demand for dollar decreases due to fall in crude oil prices, it will also strengthen the rupee. Earlier, Moody’s Analytics has also predicted that the price of crude oil can come down to 70 barrels per barrel.

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Relief to India from fall in prices
The process of falling crude oil prices can bring good news for the people of India. In view of the festive season and the upcoming assembly elections, the government can give relief from expensive petrol and diesel. Anyway, the Modi government at the Center is constantly on the target of the opposition regarding inflation.

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Relief for paints companies on Diwali
Due to the reduction in the prices of crude oil, this Diwali, the painting of the house can be cheaper for you. Crude oil is considered to be the main raw material for paints manufacturing companies. Due to the reduction in crude oil prices, the prices of paints are likely to come down.

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